After a harrowing dip this morning, the market recovered in late trading. Buttonwood's reason for hope:

As a naturally gloomy soul, it is always good to hear the other side of the argument. I talked to a big hedge fund today, with $15 billion under management. It thought the fears were overblown. Companies were generating good profits and cashflow. There was plenty of liquidity sloshing around and where was it likely to go? Not into government bonds at current yields, nor into property where there is excess supply, Equities, now back at levels seen in 1998, were the obvious beneficiary, they believed.

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