More reasons for equity markets to rally - 2

Bank of America: loss of almost $6 billion and many bad news.
Bank of America: many more billions at risk.
Bank of America: won't guarantee the debt of Countrywide.
American Express: Shares of credit-card giant American Express shed as much as 12% on Tuesday after the company warned that a deteriorating economy is choking off earnings growth.
Wachovia: an almost $9 billion loss.
United Airlines: reports 2Q loss of $2.73 billion
Merck stocks get hammered.
Texas Instruments: Shares slid more than 15% Tuesday

The company said demand "slowed unexpectedly" in June [...] a trend exacerbated by a weaker U.S. economy. [...] we are cautious given the demand environment we just experienced," TI Chief Executive Rich Templeton said in a statement. "If demand strengthens as quickly as it slowed, we are well-positioned to meet it."

Dow Jones 30 - S&P 500 - USD: rise on these news.

[Update] The Fed is talking the $ up by announcing they will raise rates (when???). They have been talking the $ up for a while, but talk is cheap.