Better Than Expected?

A funny thing happened when the American stock market opened this morning.

European stocks showed signs of recovery.

FLOYD NORRIS

Notions on high and low finance.

Presumably the plunge in prices in this country was not as bad as some feared. The Dow may have lost 200 points within minutes, but Europe was encouraged.

Notions on high and low finance.

You know pessimism has grown intense when there is relief at the Dow falling only 200 points.

But in the last few minutes, those gains in Europe have been erased, as American stock prices move to new daily lows. If 200 was not bad enough, how about more than 300?

As this is written about 10:45 a.m., every market seems to be at new daily lows.