Always Remember These 2 Facts about the Dow:

778 points down that was the single point drop record it set on September 29, 2008.

And the single day percentage drop record on the Dow of 22% was set on October 19, 1987.

Balance Sheet

Assets on the Federal Reserve balance sheet are SECURITIES THEY OWN and proceeds of those in terms of yields as well as total value proceeds at maturity are PAID TO THE FEDERAL RESERVE by the US Treasury and other parties.

The Federal Reserve now has about $3.5 trillion in assets on their balance sheet. That is offset by LIABILITIES which include the $2.3 trillion in the excess reserves accounts of the banks at the Federal Reserve which is where the QE funds are to offset the asset purchases.

As to QE (Quantatative Easing it refers to ANY ASSET PURCHASES by the Federal Reserve that infuse liquidity (funds) into the banking system offset by assets.

The Fed currently buys $85 billion a month in bonds in an effort to reduce borrowing costs. Policymakers are expected to reduce monthly purchases next month, and financial markets were awaiting for clues on this from the minutes of the Fed's minutes for its most recent meeting later on Wednesday.

The Federal Reserve is closely monitoring the labor market as it mulls plans to draw down a major economic stimulus program in which it buys long term bonds to keep borrowing costs low.

The U.S. central bank has said it plans to start scaling back on the program this year, and many economists expect the Fed will begin reducing monthly bond purchases next month.

mortgage rates

July's increase marked the fastest pace of sales since November 2009, when a home buyer tax credit was expiring. Since early May, mortgage rates for 30-year loans have risen more than a percentage point.

Last week, the average rate for a 30-year mortgage rose 12 basis points to 4.68%, the Mortgage Bankers Association said in a report on Wednesday. The higher rates are already making it harder for people to refinance their loans. The MBA said applications for U.S. home loans fell 4.6% in the week ended August 16. as refinancing activity slumped.

Manufacturing

U.S. manufacturing activity hit a five-month high in August as hiring picked up and new orders increased at their fastest pace since January, an industry report showed on Thursday.

Financial data firm Markit said its "flash," or preliminary, U.S. Manufacturing Purchasing Managers Index rose to 53.9, its best showing since March, and just below economists' forecast of 54.0. The index stood at 53.7 in July. A reading above 50 indicates expansion.

Nasdaq Failed for 3 hours

A technical glitch knocked out trading in all Nasdaq Stock Market securities for three hours Thursday afternoon, an unprecedented meltdown for a U.S. exchange that paralyzed a broad swath of markets and highlighted the fragility of the financial world's electronic backbone.

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