Bloomberg - Stock Market Woes

U.S. Stocks Slide to 3-Month Low on Recession Concern; GM Sinks
By Elizabeth Stanton

Feb. 17 (Bloomberg) -- U.S. stocks tumbled to a three-month low, extending a global slump, as a record contraction in New York manufacturing spurred concern the government’s stimulus package won’t be enough to curb the deepening recession.

Bank of America Corp., Citigroup Inc. and JPMorgan Chase & Co. each lost 12 percent. Exxon Mobil Corp. was the biggest drag on the Standard & Poor’s 500 Index as oil slid almost 7 percent. General Motors Corp., the largest U.S. carmaker, sank 13 percent as it took its case for more government support to the Treasury Department. Banks led declines in Europe and Asia on concern they may face ratings downgrades and more losses.

Full Article at: http://bloomberg.com/apps/news?pid=20601087&sid=a3VqcI4keryE&refer=home