U.S.

Stocks in U.S. Rally on Speculation Rescue Plan to Pass; JPMorgan Advances U.S. stocks jumped the most in six years as growing expectations that lawmakers will salvage a $700 billion bank-rescue package helped the Standard & Poor's 500 Index recover more than half of yesterday's 8.8 percent plunge.

U.S. Consumer Confidence Rose in September Before Credit Woes Intensified Consumer confidence unexpectedly rose in September in a survey taken before the recent worsening of the credit crisis and plunge in stocks.

Libor Surges Most on Record as U.S. Congress Rejects $700 Billion Bailout The cost of borrowing in dollars overnight in London rose the most on record after the U.S. Congress rejected a $700 billion bank-rescue plan, putting an unprecedented squeeze on the global financial system.

Sovereign Surges Most in 22 Years as Perrault Is Named New Chief Executive Sovereign Bancorp Inc., the second- largest U.S. savings and loan, rose the most in 22 years in New York trading as the bank said its chief executive officer will be replaced and analysts raised their stock recommendations.

Senate Will Try to Revive Bank-Rescue Plan With a Vote as Soon as Tomorrow The U.S. Senate will try to salvage a $700 billion financial-rescue package after the measure was defeated in the House of Representatives. The lawmakers won't have a lot of room to negotiate.

Home Prices in 20 U.S. Cities Fell 16.3% in July, Steepest Pace on Record House prices in 20 U.S. cities declined in July at the fastest pace on record, signaling the worst housing recession in a generation had yet to trough even before this month's credit crisis.

Latin America

Argentine Defaulted Bonds Trade at Three-Month High on New Exchange Offer Argentine defaulted bonds traded at a three-month high after the government said it will give creditors a chance to restructure the $20 billion of securities they held out of a 2005 settlement.

Emerging-Market Stocks Gain on Speculation U.S. Rescue Plan to Be Revived Emerging-market stocks and bonds rose after U.S. lawmakers said they intend to revive the $700- billion bank bailout package that was rejected yesterday.

Chavez Says U.S. Crisis May Hit Latin America Like `Hundred Hurricanes' Venezuelan President Hugo Chavez said the turmoil in U.S. financial markets will stunt growth in Latin America and may send oil down to as low as $80 a barrel.

Mexico's Slim Says Buffett Stake in Goldman May Be Model for Bank Rescues Carlos Slim Helu, the world's second-richest man, said Berkshire Hathaway Inc. Chairman Warren Buffett's $5 billion investment in Goldman Sachs Group Inc. may serve as a model for other ailing banks.

Bovespa Index Rebounds, Led by Utilities and Banks; Bolsa, Ipsa Advance Brazilian stocks rebounded from the biggest plunge in a decade after U.S. lawmakers said they intend to revive a $700 billion bank rescue and Morgan Stanley advised buying electric utilities as ``defensive'' investments.

Argentina Seeking to `Bully Creditors' Again With New Offer, Elliott Says Argentina is seeking to ``bully creditors'' into accepting a new debt restructuring plan that offers ``considerably worse terms'' than the original exchange in 2005, said Elliott Associates LP, a New York-based hedge fund.

Exclusive

Citigroup Gains Scale, Confidence After Getting Wachovia's 3,300 Outlets Citigroup Inc.'s rescue of Wachovia Corp. and its banking operations creates the third-biggest U.S. branch network while aiding regulators seeking to prop up confidence in financial institutions.

Wachovia CEO Steel Ran Out of Time as Credit Crunch Tightened Around Bank Wachovia Corp. Chief Executive Officer Robert Steel was forced to sell the bank's consumer business to Citigroup Inc. for $1 a share just 80 days after pledging to win back shareholders' confidence.

Bradford & Bingley Customers Wonder `What's Safe?' as British Banks Vanish June Dean stood outside a branch of Bradford & Bingley Plc in the northern London suburb of Finchley after taking out 10,000 pounds ($18,000) of her savings, and asked where her money will be safest.

EU Nations May Get More Say on Their Banks' Foreign Units as Crisis Widens Regulators in individual European Union countries would get enhanced authority to police banks' foreign subsidiaries under a draft proposal before the EU.

Renault's Plunge May Be Ghosn's Waterloo as Peugeot, VW Surround Carmaker Renault SA Chief Executive Officer Carlos Ghosn needs a new blockbuster to pull Europe's worst-performing auto stock out of a nosedive and defend his reputation. He may not get it when he introduces the revamped Megane compact at the Paris Motor Show this week.

Bank Crisis Shatters Decade of Calm, IMF Data Show: Chart of the Day The banking industry's travails in the U.S. and Europe have shattered a decade of relative calm in global finance, according to a research report published earlier this month by the International Monetary Fund.