The U.S. government, meanwhile, is starting to dole out the financial rescue funds by buying $125 billion in stock from nine major banks this week. This is the first deployment of resources from the $700 billion bailout package, Crutsinger says.
Oil prices are extending their decline as investors ignore OPEC’s production cut, reports John Porretto for the Associated Press. There are also concerns about a continuing drop in energy demand, which has sent oil down below $63 a barrel.
United States Oil (USO) is down 47.7% in the last three months and 30% year-to-date.