Stock Market Rebounds Back

Stocks market had experienced drastic losses yesterday and it worries citizens for global recession right after the European Central Bank dashed hopes for matched rate action following the Federal Reserve's crisis rate slice of pie.

"We are going to have a hard time holding this economy together, with or without the Fed's cuts," said Kevin Giddis, managing director, fixed income trading at Morgan Keegan & Co.

"The Fed has taken their best shot and the market is telling you it didn't hurt a bit. What else you got? You can't help but be worried."

He mentioned that local bank stocks and insurance companies will have some relief from the rate cut. Those industries "benefit from lower funding costs for them and more favorable lending rates for consumers -- that is, if the consumer still has a job," added Giddis.

"We started the day hoping we'd get coordination from other central banks, but instead the ECB talked about ongoing fear of inflation. Plus, Apple's guidance was lackluster at best, dragging the rest of technology down with it," said Art Hogan, chief market strategist at Jefferies & Co.