Stocks plunge; S&P at lowest level since '97

By Bloomberg News

NEW YORK — U.S. stocks slid and the Standard & Poor's 500 Index plunged to its lowest level in 11 years Thursday 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 after oil sank to a three-year low as the slumping economy crushes demand. JPMorgan Chase & Co. lost 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 752.44, under the low of 776.76 reached during the bear market in 2002. The Dow Jones Industrial Average sank 443.99 points, or 5.6 percent, to 7,552.29. The Nasdaq Composite decreased 5.1 percent to 1,316.12. Twelve stocks retreated for each that rose on the New York Stock Exchange.

Seventeen companies in the S&P 500 lost more than one-fifth of their market value today, as all 10 of the index's main industry groups slid at least 3.5 percent.

Read tomorrow's Arkansas Democrat-Gazette for full details.

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