0.10%QQQQ 44.63 
0.18%XLF 19.94 0.35%
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NEW YORK (AP) - Fitch Ratings upgraded Bear Stearns Cos. Inc. on Monday after the beleaguered investment bank agreed to an emergency sale to JPMorgan Chase & Co. at a steep discount.
Fitch raised the long-term issuer default ratings on Bear to "A-" from "BBB" and placed the ratings on Ratings Watch Positive. Fitch had placed the ratings on Ratings Watch Negative last Friday after Bear struck a deal with JPMorgan for short-term financing.
Bear Stearns agreed Sunday to a sale to JPMorgan at the equivalent of $2 per share. The stock closed at $30 on Friday and Bear Stearns said last week its book value per share was in the mid-$80s range.
Fitch affirmed JPMorgan's long-term ratings at "AA-" with a stable outlook.
Citigroup suggests that inflation and the fabrication outlook favor gold.
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