Shares tumble in wake of Bear Stearns sale

Stock markets fell worldwide today, while oil soared and the dollar sank amid fears the credit crisis was about to worsen in the wake of troubled US investment bank Bear Stearns.

Oil prices reached a record high and the dollar a new low against the euro after JPMorgan said yesterday it would buy Bear Stearns for 236.2 million dollars – or 2 dollars a share – in stunning collapse for one of the world’s largest and most venerable investment banks.