Daily Market Update 10/1/08

Rates eased Wednesday morning after surging late Tuesday, as the pattern of market volatility continues. Stocks fell sharply on lower corporate earnings estimates and ISM Index data indicating the manufacturing sector of the economy contracted more than expected in September. Traders have increased their bets on the likelihood of a looming recession in recent days. The Senate is scheduled to vote later today on a revised government rescue package that includes tax relief and a temporary increase in FDIC coverage on bank deposits. The measure is expected to pass the Senate and move back to the House for reconsideration.

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