Stocks Tumble Hard as Recession Fears Become Reality

Updated from 1:38 p.m. EST

Stocks in New York were suffering a merciless beatdown Monday, as the Bureau of Economic Research confirmed what many had suspected -- the U.S. has been in a recession for nearly a year.

The NBER, which tasks itself with declaring the timing of business cycles, said the U.S. entered a recession in December 2007.

"That's good news in some ways," said Hugh Johnson, chief investment officer at Johnson Illington Advisors. "Nobody's going to think so, but I think so." The reason for Johnson's optimism, he said, is that the average recession lasts between 16 and 17 months. If the current downturn started nearly a year ago, then the economy should soon approach a recovery, he said. ...