Latest updates on the credit markets.

Wall Street ran red Tuesday, just a day after one of the biggest leaps on record. A surge in financial stocks saved the market from a steeper decline after the Treasury Department detailed a plan to inject $250.0 billion directly into U.S. banks in return for preferred shares.

The move is geared toward jump-starting lending from banks, mirroring similar moves made by European governments Monday. Early indications from the action out of Europe showed a hint of a thaw in credit markets, as the London interbank offered rate came down slightly. Overnight Libor fell to 2.18% Tuesday, down from 2.47% Friday, while three-month Libor fell to 4.62%, from 4.75% Monday.


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