MARKETS MAKE HUGE REBOUND, DOW UP 90

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Photo: Google Finance

UPDATE:
The Dow is now up 90 points on now obvious news.Bloomberg and MarketWatch attribute the rally to hopes of more easing from the Federal Reserve.

European markets are coming back to as bond yields retreat.  The Spanish 10-year yield is back to 6.70 per cent.

ORIGINAL (10:20 AM)
US stock markets just went negative after Fitch  downgraded the long-term issuer default ratings on 18 banks.

Borrowing costs in Italy and Spain are surging.  The Spanish 10-year yield surged through a euro-era high and is currently north of 6.8 per cent!

Meanwhile, European stock markets are also falling.  Italy’s FTSE MIB is down 1 per cent.  

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