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Top Financial News
Yahoo! Finance: Top Stories
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Wall Street tumbles amid global sell-off (AP)
Wall Street suffered through another extraordinary and traumatic session Monday, with the Dow Jones industrials plunging as much as 800 points — their largest one-day point drop — before recovering to close with a loss of 370.
Officials pledge to move quickly on rescue (AP)
The Treasury Department moved swiftly Monday to implement the financial rescue package, naming a former Goldman Sachs executive to oversee spending the $700 billion earmarked for the plan and pledging to work with other countries to calm global financial markets.
Europe governments go their own way on crisis (AP)
Individual European governments issued a cascade of deposit guarantees to shore up their banks but fell short of any coordinated action Monday to deal with the crisis sweeping financial markets, even as stock markets crashed and the euro sank to its lowest level for over a year.
Wachovia, Citigroup, Wells agree to standstill (AP)
Wachovia, Citigroup and Wells Fargo, in consultation with the Federal Reserve, have agreed to a standstill of all formal litigation activity.
Eli Lilly to buy ImClone for more than $6B (AP)
Eli Lilly & Co.’s winning bid of more than $6 billion for cancer drugmaker ImClone Systems means a billion-dollar payday for former rival bidder Bristol-Myers and vindication for corporate raider and ImClone Chairman Carl Icahn.
Congress opens hearings on financial meltdown (AP)
Days from becoming the largest bankruptcy in U.S. history, Lehman Brothers steered millions to departing executives even while pleading for a federal rescue, Congress was told Monday.
EBay cutting 1,600 jobs, 10 percent of work force (AP)
After a series of changes designed to draw more people to its online marketplace, eBay Inc.’s latest alteration is aimed at its own employees. The auction site operator said Monday it will cut about 1,600 jobs, 10 percent of its work force, in its largest round of dismissals ever.
Fed to provide as much as $900B in loans to banks (AP)
The Federal Reserve will provide as much as $900 billion in cash loans to squeezed banks in an urgent effort Monday to break through a dangerous credit clog that threatens the economy and has unhinged financial markets around the globe.
Oil prices fall as financial turmoil goes global (AP)
Oil prices plunged below $90 a barrel Monday, coming within reach of year-ago levels as a widening financial maelstrom spreads overseas and crimps global demand for energy.