The Federal Reserve cut a key U.S. interest rate by three-quarters of a percentage point on Tuesday, as part of an effort to hold off a deep recession and financial meltdown.
European stocks sank to their lowest point in more than two years as Asian markets were battered due to the sale of US firm Bear Stearns, sparking a sharp banking stock sell off. (Report: O.Fairclough)
JPMorgan Chase & Co said it would only pay 2 dollars per share to bail out the troubled investment bank Bear Stearns. The price is way below the $171 per share the bank was trading at in January 2007.
Bear Stearns 
