In the energy market on Tuesday, crude for June delivery backed off, slipping below $50 to close at $49.92/barrel, down 22 cents. May reformulated gasoline dropped just under a penny, to $1.3995/gallon.

Only one of the 19 financial institutions that received a bank stress test would require additional capital, the controversial government initiative has reportedly concluded.

Fiat SpA (OTC: FIATY) Chief Executive Officer Sergio Marchionne said his company would walk away from merger talks with Chrysler LLC unless American and Canadian unions agree to take substantial pay cuts, The Toronto Globe and Mail reported.

In a move that would effectively nationalize the country’s largest automaker, the U.S. government is considering taking an equity stake in General Motors Corp. (GM) in exchange for part of the $13.4 billion it has already lent the company, Bloomberg News reported, citing people familiar with the matter.

Not a fan of socialism? Me either. But, if the federal government has to backstop free market excesses with taxpayer dollars, how will it eventually unravel the veil, or tarp of intervention? Or should it? The answers are about to unfold before our eyes.

In the currency market, the dollar was slammed vs. the euro. Late Monday, the euro was trading at $1.3363 vs. $1.3158 on Thursday.

One of the most accurate forecasters of the global economic crisis, Nouriel Roubini, said last week that last September’s spree of bank takeovers deepened the crisis because it made the already-too-big banks even bigger.

Corporate earnings will take center stage again this week as certain financials hope to follow last week’s upbeat announcement by banking giant Wells Fargo & Co. (WFC) with some decent earnings reports of their own.

Gold did practically nothing from the time Globex trading opened in the Far East on Thursday morning, until noon in London [7:00 a.m. in New York]. From there, and until about a half hour after the Comex open, gold tacked on about $12 in two quick spikes.

Gold traded sideways in the Far East then displayed a nice upward trend through London and New York to finish at $959.00/oz up $17.50. Overnight, gold has moved higher.