Stocks Tumble Around World, Dollar Declines After Fed Cuts Rate

UBS AG posted its biggest drop in more than nine years in Zurich and Japan's Mitsubishi UFJ Financial Group Inc. fell to the lowest in four years. Europe's Dow Jones Stoxx 600 Index and Japan's Nikkei 225 Stock Average sank to the lowest since 2005

Fed acts Sunday to prevent global bank run Monday

Acting quickly to prevent a run on major global financial firms, the Federal Reserve cut its discount rate by a quarter percentage point to 3.25% and offered to lend money to a longer list of firms than ever before.

Dollar dives to near 13-year low vs. yen

Greenback plunges after Federal Reserve slashes discount rate at emergency meeting.

Global market panic sparks more gold buying, bullion near record

Unrelenting dollar weakness, with the greenback near another record low against the euro and a 12-year bottom against the yen, also sparked gold-buying, as bullion became cheaper for those trading in other currencies.

JPMorgan to buy crisis-hit US bank

But the deal announced late on Sunday in the US has failed to soothe worries among Asian investors over the strength of the US economy and the continuing fallout from the global credit crunch.

JPMorgan Surges After Capturing Bear Stearns for $240 Million

JPMorgan Chase & Co. surged in New York trading after striking a deal backed by the Federal Reserve to buy Bear Stearns Cos. for $2 a share, 90 percent less than the 85-year old firm's market value last week.

Banks face "new world order," consolidation: report

Financial firms face a "new world order" after a weekend fire sale of Bear Stearns and the Federal Reserve's first emergency weekend meeting since 1979, research firm CreditSights said in a report on Monday.

Wall St braced for buy-out loans pain

Wall Street investment banks are poised for further pain from loans to private equity groups when they start reporting first-quarter results this week.

Wall Street fears for next Great Depression

Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.

U.S. to start economic stimulus payments May 2

The IRS said the payments -- tax rebates of about $600 for most middle-income individuals and $1,200 for middle-income couples -- will be sent in the order of the last two digits of the taxpayer's Social Security number. Taxpayers must file a 2007 tax return to receive a payment.

How bad is the mortgage crisis going to get?

What started in subprime is likely to continue cascading into the markets and keep the economy down until 2010, economist Paul Krugman forecasts. Bottom line for homeowners: An average drop of 25%.

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