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christine la guard called the world s economic outlook, quote, quite gloomy and called for action from all countries to head off global depression. but there was good news here, and it was just too good to ignore. unemployment applications fell to a 3 1/2-year low. new york state manufacturing rose to its highest level since may. new factory orders in the mid-atlantic surged. bellwether fedex shot up on expected profit. novellus soared. michael kors soared 21% in its debut. still yet another big company, honeywell backed off its forecasts. morgan stanley will fire 1,600 to cut costs. fitch cut long-term ratings on barclays and credit suisse by two notches and bank of america, bnp, citigroup, deutsche bank rose by one. cablevision sparked speculation