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    Lehman Brothers appears to have escaped the investor panic that brought down Bear Stearns, but investment pros say it's too early to jump back into financial stocks.

  • Manhattan skyline

    Home prices in New York's Manhattan, which have been largely unscathed by the housing slump may start to come down as the credit crunch comes back to bite Wall Street bankers.

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    Cash-strapped Americans are ringing up more purchases on their credit and debit cards, but there could be a steep price to pay ahead.

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    The Dow fell sharply on Monday after S&P jolted three leading U.S. banks with downgrades and Wachovia ousted CEO Ken Thompson. What's the "Word on the Street?"

  • Credit Crunch

    Downgrades of three U.S. investment banks, an ouster of Wachovia's CEO and a bleak U.K. housing outlook reignited fears about the global credit crunch.

  • The latest shoe to drop came this afternoon when Standard & Poor said it was lowering the ratings of Merrill Lynch, Lehman and Morgan Stanley. Traders, though, say the move was not really a surprise and is trailing the market's view.

  • Looking at the historical returns of the Dow for the month of June, today's swoon is not a big surprise.  But are there rays of light for investors as the summer days begin?

  • A Wachovia branch bank is shown in a Charlotte, N.C. file photo from July 20, 2006. After a rough year, the banking industry appears headed for another in 2007. (AP Photo/Chuck Burton, File)

    Wachovia ousted its chief executive, following growing legal troubles and loanlosses tied to the purchase of a big mortgage lender just before the housing market imploded.

  • Credit Crunch

    Standard & Poor's cut the ratings of Lehman Brothers, Merrill Lynch and Morgan Stanley and said the outlook for large US financial institutions is now mostly negative.

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    Some of the nation’s biggest banks have closed their doors to students at community colleges, for-profit universities and other less competitive institutions, the NYT reports.

  • Cell phone tower, telcom, telecom

    China Telecom and its state parent will pay more than $14 billion to buy a wireless network owned by the China Unicom group, entering a lucrative mobile arena in the first deal reached under Beijing's sweeping overhaul of the world's largest telecoms industry.

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    Next week could be the biggest week for oil and other commodities in years, says Guy Adami. What's the "Word on the Street?"

  • If so, it could spark a marketwide rally, Cramer says.

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    Here's our Fast Money Final Trade. Our gang gives you tomorrow's best trades, right now!

  • Is this a once in a generation chance to buy financials?

  • Stocks closed at their highs for the day after bouncing up and down throughout the session.

  • Cell phone tower, telcom, telecom

    China will issue three Licenses for high-speed third-generation mobile phone services and called for a merger of China Unicom and China Netcom, two of its four biggest telecoms providers, in a long-awaited industry revamp.

  • Oil's relentless ascent finally pushed stocks over the edge, abruptly snapping the market's two-month rally.  The Dow dropped 3.9% for the week, dragged down by GM's 15% decline. Crude jumped $6 this week, settling at $132.19 a barrel. All U.S. financial markets are closed Monday.

  • Stocks held onto modest gains, boosted by an an unexpected drop in jobless claims and merger buzz in the utility sector. Oil was a bargain around $132, after earlier surpassing $135 a barrel.

  • Tomorrow a Société Générale special committee will unveil a long-awaited report into how one 31-year-old trader was able to build up €50 billion in long positions and then give everyone the impression his huge bets were low-risk.