The Economic Surge is Working!

Just kidding; it isn't:

A day after an interest rate cut fueled the best stock session in five years, the Dow Jones industrials slid back nearly 300 points on Wednesday and commodity prices plummeted, signs that a sense of unease has yet to disappear from financial markets.

The Dow lost most of its Tuesday gains as a morning rally gave way to afternoon declines, closing down 293 points at 12,099.66. The Standard & Poor’s 500-stock index, the broadest measure of the American stock market, and the Nasdaq composite index both fell back about 2.5 percent.

Though investors had cheered the Federal Reserve’s move on Tuesday to lower interest rates, many remained unsure whether the central bank’s actions would effectively ease the credit crisis that has gripped the market for months.

“I’m not quite sure people are all that ready to stick with their convictions,” said Bart Melek, a commodity strategist at BMO Capital Markets in Toronto. “We’re not quite sure what other skeletons exist in the financial system, where the problems may be, who is at risk. And until that type of risk is out of there, I think we will see a lot of volatility.”

But don't worry; President Bush is backing John "Don't Know Nothing About Economy" McCain, so I'm sure he plans on continuing this glorious tradition.