Markets plummet on Bear Stearns emergency buyout

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The FTSE has slumped 137.8 points, or 2.45%, to 5493.9 as credit crisis fears deepen on news that JPMorgan Chase has bought US investment bank Bear Stearns for $2 a share.

Banks led the losses on the FTSE as HBOS tumbled 56 points, or 10.61%, to 472 and Alliance & Leicester fell 53.75 points, or 10.49%, to 458.75. Royal Bank of Scotland fell 33.75 points, or 10.11%, to 300 while Barclays fell 36.5 points, or 8.43%, to 396.5. Meanwhile, British Energy Group rose 80 points, or 14%, to 651.5 while Whitbread rose 31 points, or 2.61%, to 1220. The Dow Jones fell 194.65 points, or 1.6%, to 11951.09. General Motors fell 1.09 points, or 5.37%, to 19.22 while JPMorgan Chase fell 1.57 points, or 4.12%, to 36.54. The Nikkei 225 fell 454.09 points, or 3.7%, to 11,78...

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