Bernanke Buoys Dow

U.S. stock prices rebounded yesterday, buoyed by Fed Chairman Ben Bernanke's forecast of moderate growth. But averages from Singapore to London continued to slide and there was widespread debate over whether the plunge was the market correcting for inflated highs or if it was the first sign of a recession.

Tuesday's massive drop wiped out all gains tallied so far this year, but yesterday's gain returned the market to nearly break-even status. "It looks like whatever happened was anomalous," said administration official Edmund Lazear, but futures traders are betting on Fed rate cut, which is usually a response to an economic slowdown. (More stock market stories.)