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Bernanke stated that 19 of the nations largest financial institutions will be eligible to replace the government's preferred shares into common stock as losses continue to mount. Under the program, financial institutions with more then $100 million in assets who received federal funding would qualify. The move would place the government owning a large percentage of the financial institutions.

Microsoft CEO Steve Ballmer warned that all of Microsoft's businesses will be effected by the current recession in the months to come. Ballmer also reiterated today that although a full acquisition of Yahoo was not currently a possibility they would like to continue conversations with Yang's replacement Carol Bartz.

As consumer spending continues to decline, large retailer target posted a 41 percent drop in profits. The company stated that large losses in its credit card business and weak consumer spending for its clothing products led the losses.

Office Depot posted a $1.5 billion quarterly loss and warned that it would need to seek new liquidity sources in 2009. The news sent the company's shares down 26 percent.

According to the Wall Street Journal, Dell maybe be prepared to launch a high-end smart phone as early as next month. The report indicated that the mobile phone will feature a touch screen similar to Apple's iPhone.

This week investors will deal with the largest drop in GDP in 26 years, and are expecting lower earnings as 137 companies from the S&P 500 index report earnings this week. This quarter may be shaping up to the worst quarter for corporate profits in nearly a decade.

Shares of Microsoft plunged to a 11 year low as the company reported disappointing earnings for the quarter and announced that it would be laying off 5,000 workers. Microsoft reported earnings of 47 cents per share slightly lower than the 50 cents per share they reported for the same quarter a year prior.

Circuit City, whom filed for bankruptcy protection back in November, is now closing all of its stores as it has failed to attract any potential buyers. The company said it has reached an agreement with Hudson Capital Partners, SB Capital Group, and Tiger Capital Group to liquidate its 567 U.S. stores.

Toyota Motor Co. has issued a recall in the U.S. of 214,000 Lexus vehicles. The company stated that the vehicles could have a potential problem with corrosion in the pipe that delivers fuel to the engine, which could lead to leaks overtime.

Bank of America is currently in negotiations with the U.S. Treasury for more funding for its Merrill Lynch acquisition. Bank of America has already received $25 billion in government capital, and the Treasury Department now has less than $60 billion as part of the original bailout package in order to supply financial institutions.

Motorola stated that it will need to cut another 4,000 employees, nearly 6 percent of its workforce, and issued a warning that it post a loss for its fourth quarter. The company indicated that its mobile phone sales were significantly weaker than expected as the continues to lose market share in the mobile market to Nokia.

CEO Steve Jobs will take a medical leave of absence from Apple until the end of June. Jobs stated that his health has become too distracting for the company. Tim Cook will lead Apple's day to day operations. Jobs didn't provide any specifics but indicated that his health-related issues "are more complex than I originally thought."