Job 33

THE BUBBLE GOES DOWN...

Asian Stocks Rally on U.S. Rate Cuts, Financials Surge

Asian markets continued to rally into the afternoon session Wednesday after the U.S. Federal Reserve slashed two key interest rates -- the benchmark fed fund rate and the discount rate -- by 50 basis points each.

The hefty move was a bold bid to shield the world's biggest economy from a housing slump and financial turbulence, raising hopes that Asia's largest export market will be able to ride out turmoil in the credit market. CNBC