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BY CHARLES STANLEY

ANCHOR MEGAN MURPHY

You're watching multisource business video news analysis from Newsy. 

What a difference a day could make. 

Late Thursday – fear approached record levels – with some analysts saying the Stock Market collapse of 2008 was upon us, yet again. 

But Friday –a strong jobs report delivered a boost of confidence to investors.

So where’s the stock market headed? And what exactly happened Thursday that spawned the massive selloff?

On CNN – Alison Kosik reports excitement from the floor of the New York Stock Exchange Friday morning.

“Traders and Wall Street seem to be pretty happy with this and you can see that in the futures.  … I’ll tell you what Wall Street really needed some good news at this point.  And what we could see is what’s called a relief rally.”

The fear – could be diminishing - at least temporarily.  CNBC’s Jim Kramer says this time the blame isn’t with the U.S.-- but with Europe.

“We are not in a market where we are the reason.  This is not 2008, where we await the GM failure, and the AIG failure and Lehman. … This decline had very little with our debt ceiling fight, and had total, total, on the backs of the chaos and terrible, terrible leadership in Europe, and Europe can matter.”

So where’s the all-important C-word? On MSNBC, Mark Zandi says that’s really what people are looking for.

“And I think you put your finger the very important point and that is confidence.  … I think confidence is very weak. … So it’s really in my mind a crisis of confidence.

Leaders in Europe are moving to calm growing fears.  According to Bloomberg, a meeting is expected Friday to hopefully add to an already large bailout.

“…German Chancellor Angela Merkel and French President Nicolas Sarkozy plan to speak by phone later today … The European Commission called for an expansion of the European Financial Stability Facility, the 440 billion-euro ($623 billion) rescue fund.”

While the U.S. can’t control debt problems overseas – a writer for The Huffington Post says more action can still be taken here in the U.S.

“…[T]he only hope is voters will tell their members of Congress … to stop obsessing about future budget deficits and get to work on the real crisis of unemployment, falling wages, and no growth.”

Bloomberg reports global markets have lost well more than 4 trillion in the past 10 days.

Transcript by Newsy.