U.S. stocks still ended the day with sharp losses, but a last-hour rally cut the deficit in the blue-chip barometer by more than half as professional investors seem to have stepped in and picked up shares dumped by unhappy mutual- and hedge-fund shareholders.

FORBES: Market Scan

Watford defender Adrian Mariappa made a sharp clearance after Loach had spilled a Taarabt free-kick, while Taarabt played a superb cut-back that picked out Faurlin, who had time to place his shot but wastefully drilled his effort over from 14 yards as the opening half ended goalless.

BBC: Watford 0-2 QPR

Israel's Derrick Sharp hit a three-pointer midway through the last quarter to cut Spain's lead to four points at 61-57.

BBC: Spain march into semis

Just a minute later, Ronaldo popped up to put Portugal in the lead for the second time with a sharp right-foot effort from just inside the penalty area after Deco cut inside and slid the ball into his path.

CNN: Ronaldo puts Portugal into quarterfinals

And moments later, it was almost 1-0 to Blackburn as David Hoilett cut inside from the left and drew a sharp low save from Cech.

BBC: Chelsea 2-0 Blackburn Rovers

All nine members of the Bank of England's monetary policy committee voted for this month's half-point emergency cut in rates to 4.5% because of a "sharp deterioration" in the UK's economic prospects, according to minutes of the meeting.

BBC: Gloomy forecasts for UK economy

Bulgaria's prime minister called for a sharp cut in electricity prices and revoking the license of the country's largest foreign-controlled power supplier.

WSJ: What's News��

Already the export recovery, combined with a sharp cut in imports as domestic demand has slumped, has brought a huge improvement in some economies' current-account balances.

ECONOMIST: Better news in East Asia