reportonbusiness.com: Purchase this article

Posted AT 9:30 AM EST on 17/03/08

Behind the Fed's rare weekend move

JEANNINE AVERSA

The Associated Press

WASHINGTON — Urgently moving to contain a deepening credit crisis, the Federal Reserve is trying to restore confidence in panicked financial markets by becoming a lender of last resort for Wall Street investment houses that on Monday can begin securing short-term emergency loans. The central bank, in an extraordinarily rare weekend move, took the bold action Sunday in an attempt to calm the markets.

The full text of this article has 786 words.

To continue reading this article, you will need to purchase this article.

Already have a member account? Login now

Pay-Per-View Offers To read the complete article, select one of the following options

Purchasing from globeandmail.com is quick and secure.

TSX
DJIA
S&P
Nasdaq

Market	Change	Value
Data delayed 15 minutes
S&P/TSX	+5.51	7,730.27
DJIA	-31.23	7,521.06
S&P 500	-3.09	749.35
Nasdaq	-9.10	1,307.02

Stock Profile	Sponsored by:
Profile Quote Lookup

Timminco news not getting brighter

Plus: Noon markets -- Treading water

Video: No joy over Jerry Yang leaving Yahoo

Technology


Finding the perfect gadget: Need a present for mom, dad, son, daughter, friend, colleague?

Most Popular

Rank	Headline
1.	GM closes Oshawa truck plant earlier than planned 2:07 PM 12
2.	HudBay buys Lundin for $814-million 1:14 PM 3
3.	Loonie ‘firmer' after Thursday's plunge 1:44 PM 2
4.	Citigroup slides below $4 a share 11:24 AM 6
5.	HudBay, Lundin merge in $814-million deal 12:46 PM 1
6.	Young Mr. Weston's fresh take catching on 3:41 AM 40
7.	Wealthy business clan rides wave of panic selling 3:35 AM 8
8.	Inflation drops to 2.6 per cent 11:08 AM 92
9.	What's in store when people stop shopping 3:35 AM 58
10.	Inflation rates for provinces, cities 7:47 AM

Rank	Headline
1.	Car dealers plead for government help 12:44 PM 43
2.	GM closes Oshawa truck plant earlier than planned 2:07 PM 13
3.	Pirate humour rules Wall Street 11:20 AM 3
4.	HudBay buys Lundin for $814-million 1:14 PM 3
5.	Olympic torch relay a Canadian affair 12:53 PM 28
6.	Teen commits suicide in front of webcam 12:57 PM
7.	'Kick a ginger' prank gets police seeing red 12:38 AM 185
8.	Loonie ‘firmer' after Thursday's plunge 1:44 PM 2
9.	Will a few weeks off from exercise hurt me? 9:41 AM 12
10.	Banks: Does the market smell dividend cuts? 10:57 AM 5

Rank	Headline
1.	Pirate humour rules Wall Street 11:20 AM 3
2.	'Kick a ginger' prank gets police seeing red 12:38 AM 184
3.	Baby in buggy better facing parent 9:54 AM 17
4.	Will a few weeks off from exercise hurt me? 9:41 AM 12
5.	Car dealers plead for government help 12:44 PM 43
6.	HudBay, Lundin merge in $814-million deal 12:46 PM 1
7.	HudBay buys Lundin for $814-million 1:14 PM 2
8.	A toke a day keeps memory loss at bay 20/11/08 4:20 AM 95
9.	Wealthy business clan rides wave of panic selling 3:35 AM 8
10.	Young Mr. Weston's fresh take catching on 3:41 AM 40

Rank	Headline
465	Liberals rip Harper as debate begins 465
272	Airlines lose in appeal against disabled 272
225	He learned from mistakes as Ontario premier, Rae says 225
184	'Kick a ginger' prank gets police seeing red 184