Stocks Post Record Losses (Briefing.com)

16:40 ET
Stocks Post Record Losses
Dow -444.99 at 7552.29, Nasdaq -70.30 at 1316.12, S&P -54.14 at 752.44
[BRIEFING.COM] Stocks took out new bear market lows in another volatile session Thursday. News of continued weakness in labor markets underscored ongoing economic concerns while a lack of leadership gave investors little reason to turn about-face.

The latest jobless data ensure an 11th consecutive decline in monthly nonfarm payrolls. Initial jobless claims for the week ended Nov. 15 jumped 27,000 to 542,000. That took the 4-week moving average to 506,500 from 490,750. Continuing claims increased to 4.01 million from 3.90 million.

Mounting jobless claims continue to reflect a downbeat mood among businesses. Layoffs have been on the rise as many businesses look to cut expenses and regain footing despite tenuous economic conditions.

Selling pressure took the S&P 500 down to 747.78 late in the session, which marked the lowest intraday trading level since 1997. All three of the major indices registered new closing lows.

Several marquee stocks also took out record lows this session. General Electric (GE 12.88, -1.57) dropped to its lowest point in more than a decade. A Dow Jones report indicated the company is not seeking equity investments from sovereign wealth funds, which countered earlier reports. Given GE's depressed stock price, shares now carry a dividend yield of almost 10%.

Citigroup (C 4.71, -1.69) shed a quarter of its market cap, despite word that Saudi Prince Alwaleed plans to boost his stake in the financial giant to 5% from under 4%.

Weakness in the financial sector was widespread. The sector closed 10.5% lower; it is now down 68% this year.

Energy posted the largest decline of the session, though. It shed 11.2% and is now down 46% year-to-date.

The steep declines in energy followed losses in crude oil prices. Crude futures fell below $49 per barrel to reach their lowest point in more than three years. The commodity finished the session near its lows.

Uncertainty, which is an enemy of the stock market, continues to surround auto makers. While some reports indicate senators have reached a bipartisan auto aid agreement with wide support, the likelihood that a bill is approved and passed in the immediate future could be slim. One senator said an auto industry bailout would use existing $25 billion in loans.

Both Ford Motor Company (F 1.39, +0.13) and General Motors (GM 2.88, +0.09) advanced on the news. However, Standard & Poors lowered its rating on Ford Motor (F 1.45, +0.19) to CCC+ from B-, but removed it from CreditWatch.

Hope that auto makers would receive a bailout helped stocks climb to strong gains midsession. The S&P 500 was actually up 1.7% midday. However, stocks turned lower as the plan became muddled and no leader emerged to provide support.

As uncertainty and unease mounted around stocks, government Treasuries caught a strong bid. The benchmark 10-year Note surged 91 ticks and is now yielding just under 3.0%.

..Nasdaq 100 -4.7%. ..S&P Midcap 400 -7.8%. ..Russell 2000 -6.6%.