LIBOR is gong lower. It's a very important number in that it's the rate at which bank voluntarily lend to each other. The rate has been so high of late (4.5%+) that it does little other than to remind investors that little or no lending is happening.
Pepsi was front and center yesterday, down 12% or so after reporting bad earnings. It's an example of why I'm not yet more bullish. With stocks having gone down over 20% last week, one might hope that the soft economy and weaker earnings are priced in. Maybe not according to Pepsi's stock.
On a brighter note, as becky Quick just pointed out, it is good that we can focus on earnings again instead of the macro panic.
Don't quit you day job.