"We have addressed a major source of political uncertainty here," said Michael Gregory, a fixed-income analyst with Lehman Brothers in Toronto.

James Hale, a fixed-income analyst at MMS International, said the market had not been giving the economy the credit it deserved.

"Clearly, he is getting a significant sum of money up front," said Kathy Shanley, a fixed-income analyst with Gimme Credit, an institutional research firm.

But many fixed-income analysts say bonds are particularly attractive right now, whatever one thinks about the stock market, and Government bonds are the favorite.

Judy Joo, 24, a fixed-income analyst, added: "I wouldn't be let in the front door downtown."

Robin Mesch, fixed-income analyst for Thomson Research of Boston, said the critical support level for tomorrow appeared to be 117 8/32.

"I think it's wise to be in junk bonds," said Eric Jacobson, a fixed-income analyst at Morningstar.

Robin Mesch, fixed-income analyst with Thomson Research of Boston, said she expected the market to rise next year.

John Otis, a fixed-income analyst at Bear, Stearns, said he was concerned that too much emphasis was being placed on cutting costs.

Oren Cohen, a fixed-income analyst at Merrill Lynch, said that the faster the company filed, the better for creditors.