Dow Dives 680 as Wall Street Learns It's Really a Recession

In the realm of commodities, crude oil for January delivery lost $5.15 to settle at $49.28 a barrel. On Saturday, OPEC said it will forgo new reductions in output but did not rule out a supply cutback going forward. Gold for February delivery closed down $42.20 at $776.80.

As investors fled stocks, longer-dated U.S. Treasury securities were rocketing in price. The 10-year note was gaining 1-16/32 to yield 2.75%, and the 30-year was up 4-11/32, yielding 3.23%. The dollar was rising vs. the euro and pound but falling against the yen.

Overseas, European exchanges such as the FTSE in London and the DAX in Frankfurt were trading lower. In Asia, Japan's Nikkei closed with losses, while Hong Kong's Hang Seng ended on the upside.