S&P 500 and the Economy. Lehmans wounded.

Treasuries declined after Lehman Brothers Holdings Inc. announced plans to shed assets to survive a crisis of investor confidence, damping demand for the safety of U.S. government debt. Lehman advanced as much as 19 percent on its plan to sell a majority stake in its asset-management unit, spin off commercial real estate and slash its annual dividend 93 percent. The company reported a $3.9 billion loss that was bigger than analysts forecast.

Treasuries briefly rose after Lehman reported a loss. Government debt failed to rally further because investors expect lending programs created by the Federal Reserve this year will keep financial institutions like Lehman from failing.

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