Dow plunges 680 points

Stocks slump as U.S. recession is officially called and signs point to a prolonged slowdown.

The Dow Jones industrial average (INDU) lost 680 points, its fourth-biggest single-session decline on a point basis ever. The decline was 7.7% in percentage terms - the 12th worst percentage one-day decline ever.

Year-to-date, the Dow is down 38.6% and has lost 42.5% from its record close of 14164.53 hit on Oct. 9, 2007.

The Standard & Poor's 500 (SPX) index fell 8.9% and the Nasdaq composite (COMP) gave up 9%.

Source: CNNMoney
http://money.cnn.com/2008/12/01/markets/markets_newyork/index.htm?postversion=2008120118