U.S. stocks end sharply lower; worst day for Dow since Dec. 1

Date: Wed, 07 Jan 2009 17:01:29 -0500

U.S. stocks end sharply lower; worst day for Dow since Dec. 1

Stocks thud lower, with the Dow dropping the most since Dec. 1, as
investors confront more evidence of a deteriorating labor market and
downbeat news from metals giant Alcoa Corp. and technology bellwether
Intel Corp.

BAILOUT FUND INSPECTOR GIVEN OVERSIGHT POWER

Citigroup Inc., General Motors and Chrysler have agreed to account for
how theyare using billions of dollars invested in their corporations
by the Treasury
Department as part of a $700 billion bank bailout fund, according to the
inspector general overseeing the program.

FUTURES MOVERS: OIL TUMBLES 12%, THE MOST IN SEVEN YEARS AS INVENTORIES JUMP

Crude-oil futures tumble 12%, marking their biggest one-day percentage
drop in more than seven years, after government reports show U.S.
crude inventories jumped last week and as data indicate deteriorating
troubles in the economy.

MILLIONAIRES JOIN THE REST OF US IN FEELING THE ECONOMIC HEAT

An overwhelming majority of Americans 45 years and older think the economy is
in dire straits. That's not limited to those who live paycheck to paycheck
either. A record 80% of millionaires polled in another survey said this is the
worst financial crisis they have ever experienced.

CES REPORTER'S NOTEBOOK: LG GOES 007 WITH WATCH PHONE

Kicking off the first major press conference at the Consumer Electronics Show,
LG Electronics also debuted the first buzz-worthy product of the event: a
touch-screen cell phone built into a watch.