Financial Crisis

Nightmares tonight...it's not looking good.

• JP Morgan is poised to buy Bear Stearns, one of the world's largest banks, for $2 per share; Bear Stearns closed at $30 per share on Friday.

• Oil has hit a record $111 per barrel against the weakening dollar.

• The Federal Reserve has cut the discount rate (again) from 3.50 to 3.25 and is expected to cut rates again on Tuesday.

• U.S. Gold reached another record high of $1,012.40 per ounce.