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AP Top News at 12:36 p.m. EDT(AP Online Via Acquire Media NewsEdge) Shock waves hit Wall St. as 2 big firms fallNEW YORK (AP) _ In a stunning reshaping of America's financial landscape, two venerable Wall Street firms fell from the shock waves of a credit crisis that has plunged the financial system into turmoil, as stocks tumbled across the globe Monday in response. Lehman Brothers, a 158-year-old bank burdened by $60 billion in soured real-estate holdings, filed for federal bankruptcy protection in U.S. Bankruptcy Court after attempts to rescue firm failed. Bank of America Corp. said it is snapping up Merrill Lynch & Co. Inc. in a $50 billion all-stock transaction. Stocks retreat amid new Wall Street landscapeNEW YORK (AP) _ A stunning reshaping of the Wall Street landscape sent stocks down sharply Monday, but the pullback appeared relatively orderly _ perhaps because investors were unsurprised by the demise of Lehman Brothers Holdings Inc. and relieved by a takeover of Merrill Lynch & Co. The Dow Jones industrial average fell 250 points, a number that has become almost commonplace over the past year amid the tumoil in the financial sector. Bond prices soared as investors sought the safety of government debt. At resort cut off by Ike, whole subdivisions goneGALVESTON, Texas (AP) _ More than 48 hours after Hurricane Ike swamped the Gulf Coast, rescuers flew for the first time Monday into areas cut off by the storm and found a scene of devastation, with whole subdivisions obliterated, and began evacuating survivors. A Texas helicopter task force flew 115 rescuers onto the heavily damaged resort barrier island of Bolivar Peninsula, just east of hard-hit Galveston. Task force leader Chuck Jones said they were the first rescuers to reach the area that is home to about 30,000 people in the peak summer beach season. Zimbabwe deal sees Mugabe cede some powerHARARE, Zimbabwe (AP) _ President Robert Mugabe relaxed his iron hold on Zimbabwe for the first time in nearly three decades of one-man rule, forced by escalating economic chaos into signing a power-sharing deal Monday with his bitter political rivals. Thousands of supporters of the rival parties threw stones at each other outside the convention center where the signing ceremony took place. Police fired warning shots and set dogs on the crowd but several hundred broke through the gates onto the sprawling grounds. The crowd calmed after the initial clashes and cheered as the leaders left. Feds look into texting before deadly train crashLOS ANGELES (AP) _ Federal officials investigating a commuter rail collision that killed 25 people said they want to review cell phone records to determine if an engineer blamed for running a stop signal before the crash may have been text messaging at the time. With no answer on the cause of Friday's crash, a smaller number of commuters than normal returned to the rails Monday morning. Oil plummets as Ike largely spares energy outputNEW YORK (AP) _ Oil prices plunged to a seven-month low Monday as the Gulf Coast energy infrastructure appeared relatively unharmed after Hurricane Ike and traders bet that Lehman Brothers' bankruptcy could ignite a massive liquidation of commodities. Light, sweet crude for November delivery fell $4.87, or 4.82 percent, to $96.38 a barrel on the New York Mercantile Exchange, after earlier dropping to $94.41, the lowest level since Feb. 14. A close at that level would be oil's first settlement under $100 since March 4. Doctors say leg pain can signal deadly blood clotWASHINGTON (AP) _ Far too many Americans are dying of dangerous blood clots that can masquerade as simple leg pain, says a major new government effort to get both patients and their doctors to recognize the emergency in time. "It's a silent killer. It's hard to diagnose," said acting Surgeon General Dr. Steven Galson, who announced the new campaign Monday. "I don't think most people understand that this is a serious medical problem or what can be done to prevent it." Pink Floyd member Richard Wright dies at age 65LONDON (AP) _ A Pink Floyd spokesman says founding member Richard Wright has died. He was 65. Wright died Monday after a battle with cancer at his home in Britain. His family did not want to give more details about his death. The spokesman is Doug Wright, who is not related to the artist. Rover, call me an ambulance _ dog calls 911PHOENIX (AP) _ "Man's best friend" doesn't go far enough for Buddy _ a German shepherd who remembered his training and saved his owner's life by calling 911 when the man had a seizure. And it's not the first time Buddy has been there for owner Joe Stalnaker, a police officer said Sunday. Even in Week 2, Cowboys vs. Eagles a big gameIRVING, Texas (AP) _ Philadelphia visits the Dallas Cowboys tonight in an early season NFL showdown of teams that are highly regarded as post-season contenders. The Monday night matchup of NFC East foes has both coming off of impressive wins in their season openers. Philadelphia crushed the Rams 38-3 for their largest margin of victory in a season opener. Dallas dismantled Cleveland 28-10. Copyright ? 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. |