Investors are keeping a close eye on a crisis meeting of Group of 7 finance ministers in Washington today.
"The sharks are circling closer to Morgan Stanley," said the Wall Street Journal. The investment bank's shares fell 26 percent as investors appeared concerned about the announced deal -- a $9 billion investment by Japan's Mitsubishi UFJ Financial Group. Morgan Stanley is suffering in part because of the freeze in the debt markets, which worsened after Lehman's bankruptcy filing.
Meanwhile, concerns that a global recession could slow demand for oil have caused prices to plunge to less than $83 per barrel Thursday. Expect oil to trade lower today as global recession fears continue to reduce the perceived future demands for petroleum products.
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