Concerns about the fallout from the bargain-basement sale of Bear Stearns to JPMorgan Chase drove Asian and Europe stocks lower, and U.S. futures plunged overnight.
In a shocking deal to save Bear Stearns, JPMorgan Chase agreed to pay a mere $2 a share to buy all of Bear ? less than one-tenth the firm?s market price on Friday.
AP - With a deal finally struck, JPMorgan Chase & Co. will embark on the tough task of absorbing Bear Stearns Cos., once among its biggest rivals on Wall Street.
AP - U.S. stocks headed for a sharply lower open Monday as Wall Street and other global markets reeled from JPMorgan Chase & Co.'s government-backed buyout of faltering investment bank Bear Stearns Cos.
AP - Many streets were closed and some traffic lights were still out Monday morning because of a tornado that ripped a path of destruction through the city's core. Commuters to downtown were encouraged to stay home.
Traders braced for a miserable start on Wall Street today with the sale of brokerage house Bear Stearns and emergency action by the Fed deepening fears about the economy. CNNMoney.com reports stock futures are sharply lower, suggesting heavy losses at the market open.
The government's tax rebate stimulus is weeks away from your mailbox. But retailers worried about a consumer slowdown are already planning several ways for you to spend that windfall in their stores.