Historically, the debates don't change the outcome of an election.
I think the market(s) are showing relief, in that Mr. Bush's performance exceeded the market's expecations and Mr. Kerry's performance only met the market's expectations.
No relocating the Iron Curtain to the right of Poland, no "Why am I here?", no heavy breathing, lurking and glaring, no looking at his watch. Kerry did manage, among other things, to relocate the HQ of the KGB from "Lubyanka Square" to "Treblinka Square." (The concentration camp in Poland.) But since he's a Dem, he gets a pass, right? Did anyone actually expect Mr. Bush to win after looking at the Gov. William Weld debate tapes? We may all have hoped that Mr. Kerry would melt down into a puddle of orange dye, Botox and makeup under the Klieg lights, but at least our guy played a game with no major errors.