Wall Street Gets Whacked

Updated from 4:23 p.m. EDT

Stocks in the U.S. sold off sharply Thursday as a profit shortfall at Exxon Mobil (XOM Quote) and a downgrade of Citigroup (C Quote) pressured the major averages and more than erased the prior session's gains.

The Dow Jones Industrial Average sank 362.14 points, or 2.6%, to 13,567.87. The S&P 500 lost 40.94 points, or 2.64%, at 1508.44, and the Nasdaq Composite tanked 64.29 points, or 2.25%, to 2794.83.

Two members of the Dow were notable losers, led by Citi, who fell $2.85, or 6.9% to a 52-week low at $38.51 after CIBC World Markets cut its rating on the stock and said it might be facing a huge capital shortfall. Credit Suisse also downgraded Citi. ...