U.S Stocks slide

American Time Zone: U.S. stocks slide U.S. stocks slide and the Dow Jones Industrial Average fell below 9,000 for the first time since 2003 as higher borrowing costs and slower consumer spending spurred concern carmakers, insurers and energy companies will be the next victims of the credit crisis. General Motors Corp. tumbled 31 % and Ford Motor Co. slumped 22 % as the outlook for car sales worsened. XL Capital Ltd. lost 54 % and led a gauge of insurers to a 13-year low on concern investment losses will curb results. Exxon Mobil Corp.'s biggest drop in 21 years accelerated the Dow's decline in the final hour of trading as oil retreated below USD 85 a barrel. Morgan Stanley plunged 26 % as short sellers returned to the market after a threeweek ban. JPY fell but recovered as stocks collapsed The yen initially fell against the... [read full story]