The buying set off a sharp rally in the market for high-yield "junk bonds."
Late in the session, a brief but sharp rally halved the day's losses.
In each case, sharp rallies followed in a few weeks to a few months later.
THE great surprise in world financial markets this summer has been the sharp rally of the dollar.
A sharp rally had sent prices up by nearly $2 last week.
Still, the dollar's recovery contributed to a sharp rally on Wall Street.
The sharp rally gave the dollar its biggest gain since this autumn's steep decline began.
The positive signs touched off a sharp rally in the stock market on the first trading day of the new year.
Yet, as yesterday's sharp rally showed, some investors are holding their noses and looking for bargains.
The buying set off a sharp rally in the "junk bond" market.
