The Dow closed at 10,002 and on the NBC Evening News the discussion of the news of the 268 point drop introduced the term "Sovereign Default" to its viewers, along with  PIGS, a new acronym for Portugal, Italy, Greece and Spain. Zero Hedge has proposed an alternate acronym, STUPIDs for Spain, Turkey, U.K., Portugal, Italy and the Dutch = Netherlands. Commentators immediately amended this to The STUUPIDs by including the USA. As of 1:00AM EST the Nikkei was down about the same amount as the Dow had dropped on Thursday.

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."