Updated from 4:24 p.m. ESTStocks in New York were hammered Monday, with broad-based declines led by financials shaving 4% off the major indices, as the economic downturn and a crisis of confidence continued to wreak havoc on Wall Street. A triple-digit drop in the Dow Jones Industrial Average put the index below 7000 for the first time since late 1997. It fell 299.64 points, or 4.2%, to 6763.29. The S&P 500 lost 34.27 points, or 4.7%, to 700.82, and the Nasdaq slid 54.99 points, or 4%, to 1322.85. Citigroup ( C) was the weakest component on the Dow, falling 20% to $1.20, but the declines were sweeping. Alcoa ( AA) gave up 11.9% to $5.49, and General Electric ( GE) and General Motors ( GM) tumbled 10.7% apiece.