Stocks Nosedive Into the Close, Sink More Than 2.5%

Updated from 2:59 p.m. EST

After fluctuating throughout much of Thursday's session, stocks on Wall Street sold off into the close as the fate of the troubled U.S. automakers hung in the balance and traders shied away from buying stocks in advance of Friday's November jobs report.

The Dow Jones Industrial Average sank 215.45 points, or 2.5%, to 8376.24, and the S&P 500 lost 25.52 points, or 2.9%, to 845.22. The Nasdaq fell 46.82 points, or 3.1%, to 1445.56.

Scrambling to stay afloat, the automakers were again in focus on Thursday. Earlier in the week, General Motors (GM Quote), Ford (F Quote) and Chrysler headed to Capitol Hill to seek government help as they navigate a precarious market climate. On Thursday, the CEOs of the Big Three returned to D.C. to testify before Congress about potential bailout legislation. ...