According to Reuters, the economic bailout bill passed the Senate and is likely to pass the House.

Reuters reports that GE (GE) raised $15 billion with some of the capital coming from Warren Buffett.

Reuters writes the the SEC extended its short sales ban.

Reuters reports that auto sales fell sharply as the credit crisis hurt buyers.

Reuters reports that factory activity is weak as is the job market according to figures from the US government.

Reuters reports that Nokia’s (NOK) gave credit to Apple (AAPL) and RIM (RIMM) for opening the smartphone market to more people and said his goal was to pass RIMM in users for similar devices.

Reuters reports that Eli Lilly (LLY) plans to buy ImClone (IMCL).

Reuters writes that the lending market is tight despite government action to free up credit.

The Wall Street Journal reports that the Fed is considering further rate cuts.

The Wall Street Journal reports that the Justice Department is looking into sales of auction-rate securities by Lehman.

The Wall Street Journal reports that the debt crisis is further weakening newspaper companies.

The Wall Street Journal reports that HP (HPQ) bought a major electronic storage firm.

The Wall Street Journal reports that Wal-Mart (WMT) has cut prices on toys for the holidays.

The Wall Street Journal reports that China’s big oil companies are looked for purchases and joint ventures all around the world.

The New York Times reports that many small businesses have found their access to capital because of the credit crisis.

The FT reports that AIG (AIG) is preparing for a huge asset sale.

Bloomberg reports that UBS (UBS) posted a small profit and reduced it exposure to mortgage securities.

Douglas A. McIntyre

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