From WSJ

The SEC is checking the books at Wall Street firms, including Goldman, Bear Stearns and Merrill, to make sure they aren't hiding subprime-mortgage losses. 12:05 a.m.

The Dow industrials plunged 387.18 to 13270.68, their second-worst day of the year. Corporate-bond markets were roiled. Global central banks appear unlikely to cut interest rates, despite moves to pump liquidity into the financial system. 12:23 a.m.
• Tokyo's Nikkei 225 Sinks 2.6% | Markets data | Fed futures
• Video: Hilsenrath, Wessel on the moves | Economists' take
• Vote: What should be the Fed's next move on rates?

Turmoil in credit markets will have just a minor impact on growth, most economists say. But they cut their economic forecasts and nearly a third expect higher borrowing costs to be a significant contributor to a slowdown, in the latest WSJ.com survey.
• Hedge Funds, Housing, More: Charts, download data
• Econ Blog: The Populist Economists?
• Video: Miller Tabak's Tony Crescenzi on the credit crunch