US stocks slid on Wednesday after a report showing a larger-than-expected drop in private-sector jobs and a revenue warning from top chip maker Intel Corp added to signs that the recession is deepening. Economic concerns were compounded after Intel said its fourth-quarter revenue would be below its prior estimates as demand for personal computers weakened world-wide.
The technology bellwether was among the main laggards on the Nasdaq. The news came at the heels of aluminium producer Alcoa's announcement late Tuesday that it would cut more than 15,000 jobs, halve its capital spending and sell businesses to weather the global economic downturn.
The Dow Jones industrial average slumped 165.99 points, or 1.84 percent, at 8,849.11. The Standard & Poor's 500 Index fell 18.11 points, or 1.94 percent, at 916.59. The Nasdaq Composite Index tumbled 33.26 points, or 2.01 percent, at 1,619.12.