Group of Seven finance chiefs, vowed to do whatever was necessary to prevent the collapse of major banks.

The policy makers included representatives from the U.S., Japan, Germany, U.K., France, Canada and Italy.

The G-7 policy makers were under pressure to roll out new policies, but they came up short on details which will undoubtedly disappoint many investors.

Global central banks have executed emergency interest-rate cuts and pumped more cash into financial markets and the Federal Reserve said it would buy commercial paper and start taking equity stakes in financial companies.

For more on this story, see Bloomberg.com.

Hopefully the aggressive efforts from the Federal Reserve, Treasury, and global central banks are beginning to ease the fear and lack of confidence in our markets.

Next week's economic calendar is full of key reports on manufacturing, inflation, consumer spending, and housing, so we'll see how this impacts the direction of the market and interest rates.

• Producer Price Index, Empire Manufacturing, business inventories, retail sales and the Fed's Beige Book release on Wednesday.
• Consumer Price Index, Industrial Production and Capacity Utilization, weekly initial jobless claims along with the Philly Fed Manufacturing Index will come out on Thursday.
• 
  Housing starts and building permits will be released on Friday.  Forecasts are calling for declines in both readings, which may be a good thing as we need for inventories to decline.