Reuters - Stocks fell on Monday as a spike in oil prices renewed fear about consumer spending and investors worried whether a $700 billion rescue package for the financial sector would be enough to resuscitate the economy.

Reuters - Wall Street's last two big investment banks, Goldman Sachs and Morgan Stanley, secured Federal Reserve approval to become banks, ending the swashbuckling era of American deal making amid the worst U.S. financial crisis since the Great Depression.

AP - The NFL takes center stage tonight in San Diego as the Chargers entertain the New York's Jets. New York is 1-1 this season while the Chargers are a surprising 0-2.

AP - Just as vinyl once gave way to compact discs as the main physical medium for music, could CDs be replaced now by a fingernail-sized memory card?

AP - A group of 11 European tourists and four Egyptians were kidnapped during an adventure safari to one of the remotest sites in Egypt deep in the Sahara desert and were taken across the border into neighboring Sudan, officials said Monday.

AP - A Russian navy squadron set off for Venezuela Monday, an official said, in a deployment of Russian military power to the Western Hemisphere unprecedented since the Cold War.

AP - Democrat Barack Obama and Republican John McCain raised doubts about the Bush administration's $700 billion bailout and demanded conditions that could snag its quick passage through the highly partisan Congress.

AP - Businesses were beginning to reopen, cell phone service was improving and power was coming back, but leaders warned that Galveston remains dangerous more than a week after Hurricane Ike's devastating assault.

AP - Oil prices spiked more than $25 a barrel Monday — the biggest one-day price jump ever — as anxiety over the government's $700 billion bailout plan battered the dollar and touched off frenzied buying of safe-haven investments including crude.

AP - Volatility swept through the financial markets Monday as investors awaited details of the government's plan to buy $700 billion in banks' mortgage debt and as oil shot higher. Stocks fell sharply, taking the Dow Jones industrials down about 220 points, while investors sought safety in hard assets, such as oil, which shot up by more than $20 a barrel.

AP - Judges could rewrite mortgages to lower bankrupt homeowners' monthly payments as part of congressional Democrats' proposal for a $700 billion financial system bailout.

AFP - Japan's ruling party on Monday picked brash conservative Taro Aso to be prime minister as it gears up for early elections, tasking him with steering Asia's largest economy away from recession.

AFP - China's tainted milk scandal spiralled into uncharted territory Monday as authorities said nearly 53,000 children had been sickened and more countries moved to ban or recall Chinese dairy imports.

Reuters - Israeli President Shimon Peres held talks on Sunday with parliamentary factions on the formation of a new coalition government after the resignation of Prime Minister Ehud Olmert.