Dow Drops 465 Then Gains Most of It Back Tuesday January 22, 11:22 am ET By Madlen Read, AP Business Writer <table border="0" cellpadding="0" cellspacing="0" height="4"><tbody><tr><td height="4"> </td></tr></tbody></table>Dow Industrials Drop 465 Points Then Gain Most of It Back As Fed Cuts Rates 3/4 Point NEW YORK (AP) -- Wall Street struggled to steady itself Tuesday after the Federal Reserve cut interest rates to restore stability to a faltering U.S. economy. The Dow Jones industrials, down 465 points in early trading, recovered to a loss of about 95 points.The U.S. markets had joined a global selloff amid growing fears that a U.S. recession could send economies around the world into a downturn. Though stocks recovered much of the ground they lost as investors digested the Fed's move to cut the key interest rate by 0.75 percentage point and as bargain-hunters entered the market, trading remained volatile. "Sometimes market bottoms are not made by specific events, but by exhaustion," said Peter Boockvar, equity strategist at Miller Tabak. He said that for the market to truly gain a foothold, investors need to see strong earnings reports and economic data in the coming weeks. (Please send me some of the really good stuff you are smoking.) "If that doesn't happen, then all this is a short-term bottom before a resumption of selling," Boockvar said (No Shit, Sherlock!) The Dow was off about 95 points at the 12,003 level in late morning.