Bear Stearns Sinks Stocks

From the Associated Press via Yahoo! News: "Intensifying Credit Fears Swamp Stocks"--

Stocks fell sharply Friday as investors digested a plan to alleviate a liquidity crisis at Bear Stearns Cos. that has touched off concerns about the severity of credit troubles. Each of the major indexes lost more than 1 percent; the Dow Jones industrial average gave up more than 200 points.

Investors at various times appeared both comforted by and unnerved by a plan by the New York Federal Reserve and JPMorgan Chase & Co. to provide secured funding to Bear Stearns. The move offers Bear Stearns relief from a sudden liquidity crunch that analysts quickly surmised could have felled the bond house. At the same time, Bear's position on the precipice of financial disaster seemed to leave investors shaken and spoiled some hopes that troubles in the moribund credit market are on the mend.

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