U.S. stocks slid and the Standard & Poor's 500 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 Standard & Poor's 500 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.
``It's an ugly mess out there,'' said Randy Bateman, who oversees $15 billion as chief investment officer of the asset management unit of Huntington Bancshares Inc. in Columbus, Ohio. ``The economy is confirming it is very, very weak.''
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, or 5.6 percent, to 7,553.48. The Nasdaq Composite decreased 5 percent to 1,317.05. Twelve stocks retreated for each that rose on the New York Stock Exchange.
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