NEW YORK (CNN) -- Global markets were reeling Monday after a historic day on Wall Street that saw two famous names become the latest victims of the credit crunch. The leading U.S. investment bank Lehman Brothers filed for bankruptcy and brokerage Merrill Lynch was the subject of a $50 billion buyout by Bank of America. The fate of other big name financial institutions remained in doubt and stock prices plunged in Asia, Europe and the United States. In New York, the Dow Jones Industrial Average closed 504 points down, or about 4.4 percent. The Nasdaq composite lost 3.6 percent, its worst single-session percentage decline since March 24, 2003. It left the tech-fueled average at its lowest point since March 17 of this year.
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U.S. investment banking giant Lehman Brothers to file for bankruptcy
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Merrill Lynch agrees to be taken over by Bank of America
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Job losses certain but numbers not yet known
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NEW: Dow Jones suffered worst day since 9/11; Asia, Europe markets tumbled
@placeholder, known for with its famous bull logo, has been an icon of Wall Street and investing.