Despite a half-point cut in interest rates, the Dow fell a record 681 points today, finishing at 8,924, according to preliminary calculations. This was the first time in over 2 1/2 years it finished under 9,000. The Nasdaq index fell 115 points and the broader Standard & Poor's 500 index dropped 53 points. Declines were not unexpected, given previous trends, the long period of suspended trading, and the sharp hit taken by airlines in the wake of shut-downs last week and widespread fears of flying.

However, apparently there was no sign of a promoted "patriotic rally," and the impact of yet another cut in interest rates seemed as insignificant as the past 7 cuts this year, which have had no appreciable macro-economic impact so far.