Stocks Schlump

Not a pretty end of day either

Bloomberg: U.S. stocks tumbled in the last half hour of trading after shifting between gains and losses all day, pulled lower by commodity producers as investors speculated a global recession will damp demand for fuel and metals.

Schlumberger Ltd., the biggest oilfield services contractor, slid 8.9 per cent and Occidental Petroleum Corp. lost 7.9 per cent as crude fell to the lowest since May 2007. U.S. Steel Corp. tumbled 11 per cent after UBS AG advised selling the shares. General Motors Corp. sank 8.4 per cent after the largest automaker’s debt was cut further into junk by Moody’s Investors Service. The Standard & Poor’s 500 Index extended its October retreat to 27 per cent, its worst monthly decline since 1931

…The Standard & Poor’s 500 Index slipped 27.85 points, or 3.2 per cent, to 848.92. The Dow Jones Industrial Average slid 203.18, or 2.4 per cent, to 8,175.77. The Nasdaq Composite Index retreated 46.13, or 3 per cent, to 1,505.9. More than eight stocks fell for each that rose on the New York Stock Exchange.

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