U.S. 10-year Treasury bond prices fell today, after rallying yesterday on the Fed rate cut. Today, the Fed and other central banks announced plans to inject billions of dollars into the global economy in the coming months, to help the world economy though the ongoing credit crisis. Bonds typically rally on economic weakness and fall on strength, so traders took today's economic news as a big positive for the economy. Bonds are trading near 3-year highs, though, so it's also clear that most traders are positioned defensively in relation to bonds.

The yen plummeted today, after a group of central banks announced measures to ease to ongoing credit crisis. The U.S. Fed is among 5 countries who are planning massive cash injections into the world economy, which should help to alleviate investor pain. The yen has been in focus under the carry trade lately. Traders have been buying yen on equity weakness, and selling on strength. Today's announcement by the banks basically means there will be less overall market risk, which will lead to yen selling. The dollar was down against the euro.

Crude oil prices rallied more than 4% on the central bank announcement. Traders bought oil on speculation that the bank action will boost the economy enough to cause a noticeable increase in energy demand. Oil has fallen in the past month on concern that slowing U.S. growth would equate to low energy demand levels. Natural gas also rallied more than 4% on the news.

Gold futures rallied fractionally today. Gold normally trades inversely to the dollar and with crude, and neither factor seemed to push prices either way. Instead, gold basically tread water in the face of a huge energy rally and dollar weakness versus the euro. Copper futures fell about 1.7%.

Grains were higher today. Soybeans rallied 1.3%, and corn rose over 2%.

Stocks closed higher, but erased most of their early gains with the Dow, which was up more than 2% gaining just 0.31% at the close. Click here to read the rest of today's Stock Market Recap.