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 SEOUL, South Korea (AP) - Asian stocks plunged and the dollar sank Monday after JPMorgan Chase said it would acquire troubled U.S. investment bank Bear Stearns, signaling to investors the depths of the credit crisis.
Oil prices hit a record in Asian trading and U.S. stock index futures were down sharply, suggesting Wall Street would open lower later Monday.
JPMorgan said Sunday it would acquire Bear Stearns for $236.2 million — or $2 a share — in a deal that represents a stunning collapse for one of the world's largest and most venerable investment banks.
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