U.S. Stocks Tumble as Job Losses Accelerate

Traders were also training a keen eye on the automakers. CEOs from General Motors (GM), Ford (F) and Chrysler are again slated to appear before lawmakers in hopes of striking a bailout deal. Sticking points on the package have included the source of funding, concessions the automakers should make and how much money they should get.

In other company news, The Wall Street Journal said airplane manufacturer Boeing (BA) may face additional delays for its 787 jet.

Meanwhile, Merrill Lynch (MER) shareholders voted Friday to approve a merger with Bank of America (BAC).

Separately, insurer Hartford (HIG) increased its 2008 earnings guidance to exceed Wall Street's consensus estimate. Shares were soaring early on the news.

Shifting to commodities, crude oil was shedding 90 cents to $42.77 a barrel. Gold was falling $14.20 cents to $751.30 an ounce.

Longer-dated U.S. Treasury securities were falling in price. The 10-year was losing 16/32 to yield 2.61%, and the 30-year was down 26/32, yielding 3.08%.

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 with gains.

>To order reprints of this article, click here: Reprints