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For the last several years, as the dollar has declined and U.S. stocks have underperformed their global peers, many have argued that the U.S. is losing its relevance on the global stage. Earlier, we noted how "as they have done for the past 25 years, investors all over the world are looking to America for leadership now that times are rough, and unfortunately today, we’re not getting it...yet."

Well today we got something, and the picture below tells the story better than any words can. As shown by the Bloomberg World Index, following over 36 hours of declines since Asian markets opened Sunday night, the only thing that could get global stocks on solid footing was a rate cut by the United States central bank and the opening bell in New York.

click to enlarge

While equity markets all over the world are in an apparent free-fall due to concerns over the sub-prime and CDO markets, two of the best performing stocks in the S&P 500 ten minutes into trading are Ambac (ABK) and MBIA (NYSE:MBI). Ironically enough, one of the primary factors contributing to the declines is the potential for more cuts in the credit ratings of these two names.

Source: America To The Rescue