NEW YORK (AP) - Bear Stearns Cos. led financial shares sharply lower in premarket trading Monday, as news of a last-minute buyout of the ailing investment house and an emergency rate cut by the Federal Reserve confirmed fears about the economy.
Bear Stearns shares plummeted $26.43, or 88 percent, to $3.57, well above the $2 per share offered by JPMorgan Chase & Co. over the weekend.
Shares of Lehman Brothers Holdings Inc. plunged $11.46, or 29 percent, to $39.26.
Goldman Sachs Group Inc. dropped $13.87, or 8.8 percent, to $142.99.
State Street Corp. fell $5.12, or 6.7 percent, to $71.
The Bank of New York Mellon Corporation lost a dollar, or 2.3 percent, to $42.
Shares of discount broker Charles Schwab Corp. and investment manager Invesco Ltd. remained flat at $19.79 and $22.13, respectively.

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