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Current DateTime: 08:33:24 06 Oct 2008
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Like J.P. Morgan, Warren E. Buffett Braves a Crisis
US Job Market Weakens in September
Shaky Economy May Last For a While
Reliant to Seek Strategic Alternatives
Brazil Stocks Drop 15%, Trading Halted Twice
Treasury Prices Continue Climb on Credit Fears
In Money Markets, Lending Remains Non-Existent
Full of Doubts, US Shoppers Cut Spending
Financial Contagion Spreads in Europe
Euro Shares Sink 7% to 4-Year Lows

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Current DateTime: 08:33:40 06 Oct 2008
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Current DateTime: 01:02:06 06 Oct 2008
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Credit Crunch Cash KingsThese 11 CEOs were at the helm of companies that were bruised or broken by the credit crunch.

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Current DateTime: 06:18:03 06 Oct 2008
LinksList Documentid: 24890560
Protecting Your PortfolioCredit Crunch. Recession. Bear Market. There's a triple threat out there for investors. Here's a guide to managing your money.

Struggle at AIGThe Federal Reserve comes to the rescue again with a $85-billion loan package to help shore up the giant insurer'sfinances in the the face of a possible chapter 11 bankruptcy filing.

Wall Street In CrisisWall Street was badly shaken Sunday by the failure of Lehman Brothers, the takeover of Merrill Lynch and big asset sales by AIG.

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Dow Falls Below 9,900 As Fear Spreads
Posted By:Cindy Perman
Topics:Dow Jones Industrial Average | Nasdaq | NYSE | Stock Picks | Stock Options | Wall Street | Stock Market | Banking
Sectors:Banks
Companies:Citigroup Inc | Wachovia Corp | Wells Fargo and Co | Lehman Brothers Holdings IncBy Cindy Perman CNBC.com | 06 Oct 2008 | 11:29 AM ET Text Size The Dow dropped below 9,900 Monday after global markets took a pounding amid fear that the credit crisis is spreading around the globe.

The Dow Jones Industrial Average was down nearly 500 points, or 5 percent, falling through 10,000 and quickly breaching 9,900, a level it hasn't seen in nearly four years. The Dow first hit 10,000 at the end of March, 1999. (Track the Dow winners and losers.)

The Dow's decline might seem scary at first glance. To put it in perspective, we're not even halfway to the first circuit-breaker trigger level announced by the NYSE last week. According to the fourth-quarter guidelines, a 1100-point drop in the Dow before 2 p.m. will halt trading for one hour, a 2200-point drop before 1 p.m. will stop trading for two hours, and a 3350-point drop will shut down trading for the rest of the day, regardless of what time it occurs.


Major U.S. Indexes.DJIA9908.91-416.47-4.03%536,290,000.NCOMP1852.76-94.63-4.86%525,455,400.SPX1049.56-49.67-4.52%2,135,159,000

The S&P 500 was down more than 5 percent, while the Nasdaq lost more than 6 percent. The CBOE Volatility Index, widely considered the best gauge of fear in the market, soared to a record above 50.

News of more bank troubles in Europe emerged over the weekend, and Asian and European stocks plummeted between 4 percent and 5 percent.

"The fear of contagion is spreading on a daily basis, and that's why we are lower," Peter Cardillo, chief market economist at Avalon Partners in New York, told Reuters. "We are not seeing any real shift in interbank cost of borrowing, which basically means that credit markets are still locked up."


Source: Nyse.com
NYSE fourth quarter circuit breaker levels
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"Some of the concern in the market is ... 'Did everyone wait too long? Have events begun to spiral that can't be reached back for?' You hope not. But there is some feel of that in the markets," Art Cashin, director of floor operations at UBS, told CNBC, while wearing, ironically, a Dow 10,000 hat.

Cashin said ideally we'd see a "capitulation selloff" today, maybe even into tomorrow morning, then get a "massive reversal."

Crude oil [US@CL.1 90.55 -3.33 (-3.55%) ] tumbled more than $4 a barrel to under $90 on fears that a global recession will dampen demand for energy.

Bank stocks took the hardest hit: Citigroup [C 17.02 -1.33 (-7.25%) ], Bank of America [BAC 32.61 -1.87 (-5.42%) ] and JPMorgan [JPM 43.32 -2.58 (-5.62%) ] were among the biggest drags on the Dow, all three down more than 5 percent.

Regional banks got clobbered: National City [NCC 2.60 -0.91 (-25.93%) ] was down more than 20 percent, while Sovereign Bancorp [SOV 5.08 -0.76 (-13.01%) ] fell more than 10 percent.

A House Oversight committee will hold hearings today on the collapse of Lehman Brothers. Former Lehman CEO Richard Fuld, who oversaw the demise of the venerable investment bank, will testify.

(Check out a timeline of Lehman's collapse.)

JPMorgan was accused of allegedly precipitating the collapse of Lehman Brothers [LEHMQ 0.14 -0.03 (-17.65%) ] by freezing Lehman assets days before it filed for bankruptcy protection, UK newspaper the Sunday Times reported