"Stocks rallied Monday afternoon, with the Dow up 976 points during the session, as investors bet that the worst of the credit crisis is over, following a series of global initiatives announced over the last few days," CNNMoney reported.
Hong Kong's key index gained by 10 percent Monday, "regaining the 16,000 points level," according to Forbes. It closed up 1,515.29 points.
The Baltimore Business Journal quoted Treasury Department officials who said they plan to "name its prime contractor for the federal bailout job Tuesday."
"Investors are relieved that Morgan Stanley's investment from Mitsubishi Financial did not turn sour in the end, even if it means the Japanese bank managed to extract a slightly sweeter deal," Forbes Magazine said.
According to Bloomberg, "Stocks rallied worldwide, with the MSCI World Index rebounding from its worst week on record, and the euro rose the most in three weeks against the dollar after governments in Europe, the U.S. and Asia agreed to support banks."
On Sunday the Federal Reserve approved Well Fargo & Company's takeover of Wachovia Corp. According to Reuters, the unusual Sunday announcement, "appeared timed to precede the opening of shaky global financial markets."
Grocery stores in Iceland were full this weekend, Bloomberg reported, "as the collapse of the banking system threatens to cut the island off from imports." One large chain, Bonus, told Bloomberg that the warehouses have enough food for two weeks, but won't be refilled "unless it can get access to foreign currency."
According to The Wall Street Journal, "Boeing Co. and its machinists union spent the weekend at the bargaining table with the assistance of a federal mediator, their first negotiations since a strike idled the company's commercial airplane production lines in early September."
Reuters is reporting that Henry Sy, one of the Philippines' wealthiest men, is planning to buy Philippine American Life and General Insurance Company, which is part of AIG. Philamlife, as it is known, is the island nation's biggest insurance company.