Friday's early afternoon trade: Wall Street slides

US stocks slid on Friday as investors worried the economy's recovery might not be sustainable and financials sank as an influential bank analyst projected a $10 billion write-down for Citigroup. Investors unloaded shares across the board. Wall Street's favourite measure of investor fear, the CBOE Volatility Index vaulted to 31.25 - its highest level since July.
Citigroup fell more than 5 percent to $4.08 after CNBC reported that Calyon's bank analyst Mike Mayo is forecasting the US bank will write down $10 billion in deferred tax assets in the fourth quarter. The Dow Jones industrial average slid 235.79 points, or 2.37 percent, to 9,726.79. The Standard & Poor's 500 Index dropped 27.71 points, or 2.60 percent, to 1,038.40. The Nasdaq Composite Index tumbled 50.01 points, or 2.38 percent, to 2,047.54.