The major indices are trading above their worst levels, but continue to post substantial losses.
A good deal of media attention is being placed on news that Wachovia's
(WB 22.80, -1.00) CEO was forced out by the company's board. An
executive being ousted in the wake of the credit market turmoil is
nothing new. Merrill Lynch (MER 43.32, -0.60), Bear Stearns, Citigroup
(C 21.56, -0.33) and UBS (UBS 23.51, -0.15) have already replaced their
CEOs.
Meanwhile, crude oil has rebounded to a modest gain of 0.4% after being
down as much as 1.7%. Commodities as a whole are nearly unchanged with
a slight advance of 0.1%.