Attention bottom fishers. Pay attention today because the market will finally hit bottom. That's the bold prediction of Jefferies managing director Art Hogan, who told CNBC, "Enough is going to be enough. If you look at all the carnage we've done to major market indices the bottom gets put in today."

You probably heard the news that the Federal Reserve reduced its federal funds rate from 2 percent to 1.5 percent the morning of October 8. Now let me explain what that means for all of us, during this volatile and scary time…

As a round of coordinated interest rate cuts failed to calm international investors on Wednesday, CNBC's Michelle Caruso-Cabrera discussed the economic crisis with Lord Norman Lamont, former Chancellor of former Exchequer.

Stocks closed lower after swinging wildly all day as a coordinated global rate cut failed to reassure investors.

U.S. stock index futures turned positive after coordinated action to cut rates across the globe to fight the danger of the world economy being hit by a depression.

European stocks pared back some of the losses on Wednesday after plunging about 8 percent earlier in the session as credit fears grew.

Stocks plunged in the final minutes of trading as comments from Fed Chairman Ben Bernanke failed to soothe this cranky market.  The Dow Jones Industrial Average lost about 500 points, or 5 percent, breaching the key 9,500 mark. In the past two days, the blue-chip index has lost nearly 900 points.  Bank stocks led the decline, with the S&P financial-sector index at its lowest point since May 1997.

Stocks declined after a brief uptick as Fed Chairman Ben Bernanke seemed unable to soothe this cranky market for more than five minutes.

Stocks rose Tuesday after the U.S. Federal Reserve announced a major step to help support strained commercial-paper markets.

Stocks rose Tuesday after the U.S. Federal Reserve announced a major step to help support strained commercial-paper markets.

Futures declined Tuesday after the U.S. Federal Reserve announced its fourth-quarter term auction schedule, unnerving investors who anxiously await signs of some coordinated response by global central banks to unfreeze the credit markets.

The Dow pared its massive loss in the final hour of trading Monday after fear that the credit crisis is spreading rippled through world markets. The blue-chip index ended down about 370 points, after being down as much as 800 at one point.

The Dow dropped below 9,600 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.

The Dow dropped below 9,900 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.