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Monday Market Mayhem

It’s a volatile Monday in the markets so far…

  • Wachovia, America’s 4th largest bank was taken over to prevent its collapse. (CNN)
  • The $700 billion bank salvation plan passed its first vote in Congress this morning.  The final vote is set for 1pm ET today.  If passed, it then goes to the Senate on Wednesday.  (Reuters)
  • The TSX is down 547 points (4.51%) as we speak.
  • Traders are scurrying to the safety of Canadian bonds. The 5-year yield dipped 0.13% earlier today to fall below 3.00% once again.