1.78%XLF 20.53 6.48%QQQQ 45.97 2.38%
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NEW YORK (AP) - Wall Street is waiting for word that JPMorgan Chase & Co. reached an agreement to acquire wounded investment bank Bear Stearns Cos.
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.
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