U.S. stocks steeply lower on gloomy global data

Date: Mon, 01 Dec 2008 12:01:13 -0500

U.S. stocks steeply lower on gloomy global data

U.S. stocks are sharply lower, kicking off December by shaving off
some of the strong gains from last week, as economic reports from
around the world fueled concerns about a global recession.

ECONOMIC REPORT: GLOBAL MANUFACTURING GAUGES COLLAPSE IN NOVEMBER

Manufacturing gauges in three major world economies showed sharp
contractions in November, according to new data showing fresh
recessionary signals.

BLACK FRIDAY DOESN'T A SEASON MAKE

Retailers breathe a small sigh of relief as door-buster specials and
other promotions appear to have led to better-than-expected sales and
traffic on Black Friday.

FORD MULLS SALE OF VOLVO AS IT CRAFTS A SURVIVAL PLAN

Pinched for cash, the automaker says it may unload the last brand left
from its stable of luxury European nameplates that once included Aston
Martin, Jaguar and Land Rover.

CITI FUND BUYING SPANISH HIGHWAYS FOR $10 BILLION

A Citigroup infrastructure fund is bidding 7.9 billion euros ($10.2
billion) to buy a Spanish highway operating firm, the firms say.