The mood in financial -markets swung from near-panic to relief yesterday as the Federal Reserve moved to calm recent turbulence by cutting its discount rate - a decision aimed at increasing liquidity in the money -markets.
"For the past week the markets have been akin to a a tortoise on its back . . . no control, no sense of true -orientation and an inability to right itself," said Stephen Pope, head of equity research at Cantor Fitzgerald Europe.
