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0.18%XLF 19.94 0.35%
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NEW YORK (AP) - Stocks are tumbling in early trading as nervous investors retreat following JPMorgan Chase & Co.'s buyout of faltering investment bank Bear Stearns Cos.
The sale of Bear Stearns at $2 a share is stirring fear among investors worldwide that other financial companies have sizable exposure to troubled credit markets. Stocks are also off sharply in Asia and Europe.
Wall Street's decline Monday also follows an extraordinary move by the Federal Reserve to lower the rate it charges to loan directly to banks by a quarter point just two days before its scheduled meeting Tuesday. The discount rate now stands at 3.25 percent.
In the first minutes of trading, the Dow Jones industrial average is trading down 182 points at the 11,768 level.
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