The declines came as Wall Street and the U.S. government took a series of steps aimed at bringing an end to the credit crisis that has roiled the global financial system for more than a year.
Troubled U.S. investment bank Lehman Brothers Holdings Inc. announced it would file for bankruptcy after prospective buyers, including Barclays PLC, backed away from a deal over the weekend. Also, Bank of American Corp. said in a statement early Monday that it would acquire Merrill Lynch & Co. in an all-stock transaction worth about US$50 billion.
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