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NEW YORK (AP) - Gold briefly shot above $900 an ounce Thursday as panicky investors poured money into safe-haven assets, but the metal later gave back its gains on a report that the government may move more aggressively to steady the teetering financial system.
The KL Composite Index (KLCI) dropped below the psychologically important 1,000-point mark for the first time in almost two years as worsening financial turmoil in the United States sapped global investors' appetite.
Wall Street plunged again Wednesday as anxieties about the financial system ran high after the government's bailout of insurer American International Group Inc. and left investors with little confidence in many banking stocks.hr noshade size=1 width=50%>
Stunned and angry, Lehman Brothers' employees packed their bags at company headquarters in New York, with some bitterness over the 158-year-old company's failure aimed at chief executive Richard Fuld.
WASHINGTON (AP) - Foreign central banks cut back sharply on their purchases of Fannie Mae and Freddie Mac securities in July, a development that helped spur the U.S. government's bailout of the mortgage giants, data released Tuesday by the Treasury Department show.
British bank Barclays PLC says it will acquire Lehman Brothers' North American investment banking and capital markets businesses for US$250 million in cash.
The upheaval in the American financial system sent shock waves through the stock market Monday, producing the worst day on Wall Street in seven years as investors digested the failure of one of its most venerable banks and wondered which domino would be next to fall.