SUDDEN DEATH: North Korea announced the death of supreme leader Kim Jong Il and urged its people to rally behind his son and heir-apparent Monday. Officials said the 69-year old Kim died of heart failure.
WHAT'S NEXT? South Korea, anxious about the untested, 20-something Kim Jong Un after his father's 17-year rule, put its military on high alert against the North's 1.2 million-strong armed forces. President Barack Obama said the U.S. will closely monitor developments.
MARKETS WAVER: Following news of Kim's death, world stock markets fell on uncertainty about the new leadership in North Korea. They gained back some ground later as investors turned their attention to Europe and the U.S. economy.