rate cut and reaction

Rate cut yesterday did not go well with the us stock market,stocks fell almost by 300 points ,stock recovered today after the five central banks formed a joined fund to lend to the banks in auction ,so that they can be rescued in case of a crisis,stocks recovered after this intervention ,yen also slided after this step to three months low , the us stocks has been closely related to the movement of yen ,so this shows the markets are moving forwards ,but analysts fear that ,this might look like a panic reaction by the Central banks ,tomorrow the markets are bound to be range bound.