Fed Beige Book: Economy stabilizing, but 'at very low levels'

A snapshot of the U.S. economy in April and May released today by the Federal Reserve showed that "conditions remained weak or deteriorated further" across the country, with manufacturing, services and travel among the sectors displaying few signs of recovery.

But the Fed's Beige Book, as the survey is known, may have offered just enough optimism about an eventual recovery. The markets reversed a day-long dive around 2 p.m., just as it was being released.