(December 1, 2008)—Stock prices dropped sharply Monday as investors digested the news that the U.S. has been in a recession for a year.
The Dow dropped about 680 points to 8,149, erasing much of last week's gains.
The S&P fell 80 points or nearly 9 percent to 816.
The Nasdaq composite index was down 137 points to 1,398.
Declining issues topped advancers by an 8 to 1 margin.
Volume on the NYSE was 5.6 billion shares.
On the Nasdaq stock market, volume was 1.9 billion shares.
A panel of the National Bureau of Economic Research said Monday the U.S. economy fell into a recession last year.
The NBER said its group of academic economists who determine business cycles met and decided that the U.S. recession began in December 2007.
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