Stocks Gyrate After Bear Stearns Deal

The Commerce Department also said Monday the broadest measure of foreign trade fell slightly in 2007 as stronger growth in U.S. exports helped make up for a spiking foreign oil bill. The deficit in the current account, which covers not only goods and services but also investment flows between the United States and other countries, dropped by 9 percent last year to $738.6 billion.

Declining issues outnumbered advancers by 5 to 1 on the New York Stock Exchange, where volume came to 619.9 million shares.

The Russell 2000 index of smaller companies fell 10.65, or 1.61 percent, to 652.25.

Overseas, Japan's Nikkei stock average fell 3.71 percent, while Hong Kong's Hang Seng index fell 5.18 percent. In afternoon trading, Britain's FTSE 100 fell 2.32 percent, Germany's DAX index dropped 3.29 percent, and France's CAC-40 lost 2.52 percent.

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