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NEW YORK - Wall Street finished sharply lower Monday as investors pored over more signs of economic weakness, including a huge round of layoffs in the financial sector.
After a turbulent week that sent the Dow Jones industrials down nearly 340 points, investors found little solace in the latest news.
Stocks zigzagged throughout the session, finally giving way to a stream of late-day selling that left the Dow Jones industrials lower by 223 points.
In a signal that banks are still struggling in the wake of huge losses tied to bad mortgage debt, Citigroup Inc. is cutting another 53,000 jobs in the coming quarters.
Investors were also nervously waiting to see if the nation's troubled automakers would get a bailout.
The Dow fell 223.73, or 2.63 percent, to 8,273.58, near its lows of the session.
Standard & Poor's 500 index fell 22.54, or 2.58 percent, to 850.75, while the Nasdaq composite index dropped 34.80, or 2.29 percent, to 1,482.05.
Declining issues outpaced advancers by a 2 to 1 margin on the New York Stock Exchange, where volume came to a light 1.1 billion shares.
Light, sweet crude closed at a 22-month low, falling $2.11 to settle at $54.95 a barrel on the New York Mercantile Exchange.
ASSOCIATED PRESS
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