Stocks tumble as Dow plunges below 9,000 for first time since 2003

Stocks plunged in the final hour of trading Thursday, sending the Dow Jones industrial average down more than 675 points, or more than 7%, to its lowest level in five years after a major credit ratings agency said it was considering cutting its rating on General Motors

Bear market marks a year of rampage

The bear market that is wiping out investor wealth at an alarming rate turns 1 year old today. But nobody on Wall Street is celebrating.

Wells Fargo to get Wachovia as Citigroup walks away

The merger throw-down over troubled Wachovia (WB) took another startling turn Thursday when Citigroup (C) walked away from the fight, leaving Wells Fargo (WFC) to claim victory and declare it will move ahead with its original merger offer.

Sheriff in Chicago halts foreclosure evictions

The sheriff of the third-most populous U.S. county halted evictions on foreclosed properties Thursday, saying innocent tenants are being put on the street. But bankers said he is breaking the law.

Credit crisis eases a bit, but strain remains

Credit markets showed signs of thawing Thursday but remain far from normal.

Tech firms' growth, profit outlook less rosy

Next week, Intel (INTC), Apple (APPL), eBay (EBAY) and Google (GOOG) will lead the parade of tech companies reporting financial results for the quarter ended Sept. 30. The tech giants also will issue their near-term forecasts.

Men find roadblock to opting out of Medicare

Three men who say they have adequate health coverage and enough money to pay for their health care needs want to opt out of hospital coverage under Medicare. Federal rules say they cannot collect Social Security benefits if they do that.

Manager of buck-breaking money fund liquidates 15 more

The firm managing a money-market mutual fund that "broke the buck" last month said Thursday it is shutting down 15 more of its funds, with no promises when investors can expect money back, or how much.

Dutch ready billions in funding to support finance sector

The Dutch government will set aside 20 billion euros ($27.5 billion) of capital to protect the country's financial companies, Finance Minister Wouter Bos and central bank Governor Nout Wellink said Thursday.

OPEC may discuss production cuts as oil slide continues

Citing a deteriorating world economy, OPEC on Thursday called a special meeting for next month to consider options. The announcement suggests the cartel will likely cut production in a bid to put a floor under rapidly falling oil prices.

Apparel chains report dismal September sales

Dismal September sales results from mall-based apparel chains, released Thursday, offered more fresh evidence that American consumers, spooked by the financial meltdown, shut their wallets tight last month.

Jobless claims drop from 7-year high

New applications for unemployment benefits dropped last week from a seven-year high, the Labor Department said Thursday, though claims remain at elevated levels.

White House considers ownership stakes in banks

The Bush administration is considering taking ownership stakes in certain U.S. banks as an option for dealing with a severe global credit crisis.

Iceland takes control of country's largest bank

The Icelandic government has taken control of the country's largest bank, Kaupthing, as it struggles to prevent a collapse in its entire banking system.

Three Asian central banks slash interest rates

South Korea, Taiwan and Hong Kong all slashed interest rates Thursday, joining in a chorus of cuts by central banks around the world aimed at fighting the global financial crisis.