JPMorgan Closer on Deal for Bear Stearns

The two sides reportedly want a deal locked up before investors can put pressure on both of their stocks once Asian markets open for business. The Wall Street Journal reports the two banks were close to a deal for JPMorgan to buy Bear for $20 a share, or $2.2 billion.

The government, which on Friday helped facilitate a deal to provide funding to Bear Stearns through JPMorgan, continues to monitor the situation closely.