Fed policy-makers began meeting as financial markets continued to bet that the central bank will cut interest rates to shore up the faltering housing and credit markets.  Negative Tone Hits Wall Street 

  Oil fell more than $3 from its record high in a broad commodity sell-off sparked by uncertainty over how aggressive the U.S. Federal Reserve will be with further interest rate cuts.

  Merrill Lynch ousted Chairman and Chief Executive Stan O'Neal just days after reporting the biggest quarterly loss in the company's history, making him the highest-ranking casualty in the U.S. subprime mortgage crisis.

  The rapid fall of Stanley O'Neal from the helm of Merrill Lynch has left investors wondering who else in the banking industry may pay a price for the U.S. subprime mortgage crisis.

  U.S. consumer confidence declined for the third month in a row in October to its lowest level in two years on growing concerns about weakening business conditions and the impact that could have on the job market.

  The decline in prices of existing U.S. single-family homesaccelerated in August and fell at their fastest pace since 1991, according to the Standard & Poor's/Case Shiller national home price index.

  All eyes are on the Fed, as investors await the Federal Open Market Committee's Wednesday announcement on interest rates. Many analysts anticipate a fed funds rate cut of 25 basis points.

  OPEC has no power over many of the factors buffeting oil markets and the group is worried by record high prices that are threatening the world economy and future demand growth, OPEC ministers said on Tuesday.

  Google is in active talks with number-two U.S. mobile carrier Verizon Wireless about putting Google applications on phones it offers.

  The hour's business headlines, with CNBC's Darby Dunn

  Elvis Presley is still the King.  Presley, who earned an estimated $49 million in the past 12 months, has reclaimed the No. 1 spot on Forbes.com's list of Top-Earning Dead Celebrities. He last topped the list in 2005.

  The Liz Claiborne (LIZ) drama continues as investors learned on Tuesday that last quarter's earnings slid 65%, in line with what the company expected. In an exclusive interview CEO, William McComb reveals what’s next.

  Pharmaceutical wholesaler McKesson  reported that its quarterly profit rose a better-than-expected 8 percent, led by increased demand for its drug distribution business, and the company raised its full-year earnings forecast.

  Shutterfly reported a third-quarter loss of $3.3 million, or 14 cents per share, as compared to a loss of 2.7 million, or 70 cents per share, in the year-ago quarter.