U.S. stocks close lower; Citigroup to cut 50,000 jobs

NEW YORK (MarketWatch) -- U.S. stocks started the week solidly at a loss Monday, with word of Citigroup Inc. slashing 50,000 jobs and Japan slipping into recession heightening worries about the severity of the global slowdown. "Investors continue to worry about the near-term fundamental weakness of the global economy and the continued need for capital by banks, brokers and now insurance companies and automakers," said Robert Pavlik, chief investment officer at Oaktree Asset Management. The Dow Jones Industrial Average ($INDU:$INDUNews, chart, profile, moreLast: Delayed quote dataAdd to portfolioAnalyst Create alertInsiderDiscussFinancials Sponsored by:, , ) declined 223.

73 points, or 2.6%, to 8,273.58, with aluminum producer Alcoa Inc. (AA:AANews, chart, profile, moreLast: Delayed quote dataAdd to portfolioAnalyst Create alertInsiderDiscussFinancials Sponsored by:, , ) pacing the slide, off 10.8%. Video: Metals Lose Their Luster Please Enable Java...
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