U.S. stocks staged a reversal in the last hour of trading after a comment from Cisco and rescue financing for Ambac. Cisco indicated that it expects any economic slowdown to be shallow. Media report suggested that rescue financing for Ambac is on track. The Fed Chairman earlier indicated that banks should be prepared to forgive some of the late mortgage loans. Oil and gold fell ahead the OPEC meeting. Citigroup fell to a 9-year low after comments in Middle East and $18 billion loss estimate.
Dollar edged lower and traded near record lows against euro to $1.52101 and edged lower against yen to 103.40.
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