Market Gawk

The fire sale of Bear Stearns fueled fears of a broader collapse. The dollar sank alongside overseas stocks.

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In the wake of the Bear Stearns bailout, investors are taking a closer look at the capital positions of other big investment banks

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Asian markets suffer steep losses early Monday on lingering worries about global credit markets and a weakening U.S. dollar, amid news of J.P. Morgan Chase’s agreement to buy Bear Stearns for $2 a share and the Federal Reserve’s decision to lower the discount rate by a quarter percentage point.

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Following a freaky week that rocked the roots of capitalism, Wall Street is bracing for what promises to be a hectic four-session set.

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Acting quickly to prevent a bank 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.

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SAN FRANCISCO (MarketWatch) — J.P. Morgan Chase has agreed to buy Bear Stearns [s:bsc] for $2 a share in a stock-swap deal, according to a report in the online edition of the Wall Street Journal citing people familiar with the matter. J.P. Morgan will exchange 0.05473 shares of its common stock per one share of Bear Stearns stock. Both boards have approved the transaction. The Journal reported people familiar with the discussions said all sides were pushing hard to complete an agreement before financial markets in Asia open for Monday trading. The Journal report quotes Treasury Deptartment spokeswoman Michele Davis as saying, ”None of these things is done until they’re done. But I think everyone’s expectation is sometime in the early evening hopefully” the deal will be done.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

Original post by FeedZilla