New report stirs recession fears
The Institute for Supply Management's nonmanufacturing index fell to a reading of 41.9
in January -- a huge drop from the 54.4 reading in December.
The reading was the lowest since October 2001; economists were expecting
a reading of 53. Readings below 50 indicate contraction in the industry.
The service sector makes up about 90% of the U.S. economy.
Wall St plunges on services sector woe
Market Dispatches, 1:15 PM ET
Dow 12,331.79 -303.37
Stocks tumble on recession signs
February 05, 2008 2:45 PM ET
Stocks plunge on recession worries
2/5/2008 9:45 AM
Services index plummets, points to recession
Market Dispatches, 4:15 PM ET
Economic fear batters stocks
Stocks suffered their biggest drop in nearly a year on Tuesday after data showed the worst monthly contraction in the services sector since the last U.S. recession and Standard & Poor's warned it could cut bank credit ratings.
Wall Street skids about 3 percent on recession sign
GOOG 506.80 +11.37 +2.29%
FSLR 178.00 -14.90 -7.72%
BIDU 253.49 -18.79 -6.90%
SPWR 66.64 -9.36 -12.32%
SKF 105.39 +8.34 +8.59%