U.S. stocks slid and the S&P500 Index plunged to its lowest level in 11 years after economic reports depicted a deepening recession and lawmakers postponed a vote on a plan to salvage the auto industry.
The S&P500 Index extended its 2008 tumble to 49 percent, poised for the worst annual decline in its 80-year history. Chesapeake Energy Corp. and National-Oilwell Varco Inc. slid more than 21 percent as crude sank to a three-year low as the economic slump crushes demand. JPMorgan Chase & Co. tumbled 18 percent and Citigroup Inc. plunged 26 percent as concern the recession will trigger more bankruptcies pushed the cost of insurance against corporate defaults to an all-time high.
The S&P 500 slid 6.7 percent to 752.58, under the low of 776.76 reached during the bear market in 2002. The Dow Jones Industrial Average sank 443.8 points to 7,553.48. The Nasdaq Composite decreased 5 percent to 1,317.05.
Meanwhile, oil settled under $50, touching the lowest level since May 2005 as record U.S. job losses intensified concerns of a long and deep global recession and further crushed demand expectations.
The U.S. government reported the number of workers making new claims for jobless benefits last week surged to the highest in 16 years, helping to push down global equity markets.
U.S. light, sweet crude fell $4, settling at $49.62 a barrel, marking the lowest level since May 25, 2005, when prices hit $49.58.
Gasoline prices at the pump fell again overnight nationally close to $2 a gallon, with the average price in 23 states even less than that.
According to experts gasoline might go back to $1 a gllaon in a few months.
(Bloomberg.com / MSNBC)
http://www.theyeshivaworld.com/article.php?p=26253
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