As of 2:00 PM New York time all averages were sharply higher after the federal reserve lowered the discount rate. The discount rate is one that gets charged between banks. This was done to calm a very nervous financial system after the subprime mess came home to roost.
Will this be enough to calm the markets? A good indication will be closing numbers. If people are willing to hold stocks over the weekend when they have no control over financial announcements, then maybe we are past the worst of this downturn. I for one would not count on that.