U.S. stocks close lower as global economy weighs

Date: Mon, Nov 17, 2008 at 2:01 PM

U.S. stocks close lower as global economy weighs

U.S. stocks drop, extending a two-week losing streak, as Citigroup Inc.
announces it will slash 50,000 jobs and Japan slips into a recession,
heightening investors' worries about the depth of the global slowdown.

CITIGROUP PLANS 50,000 JOB CUTS IN LATEST JOLT TO WALL STREET

In the most dramatic round of layoffs seen to date in the battered U.S.
financial sector, Citigroup says that it plans to cut about 50,000 additional
jobs as part of an effort to help stem huge losses sparked by bad investments
and lending decisions.

MARK CUBAN CHARGED WITH INSIDER TRADING

High-profile billionaire Mark Cuban is charged with insider trading by the
Securities and Exchange Commission after allegedly selling shares of an
Internet search engine based on non-public information, sparing himself about
$750,000 in losses.

RESEARCH IN MOTION GETS BOUNCE AHEAD OF TOUCH-SCREEN LAUNCH

Shares of Research In Motion get a boost as one analyst reports strong sales of
the BlackBerry Bold ahead of the launch of the company's first touch-screen
device later this week.

TOP SIX GOLDMAN SACHS EXECS FORGOING 2008 BONUSES: WSJ

Pressured by an almost-unprecedented financial meltdown and a gathering outcry
over executive pay on Main Street, Goldman Sachs reportedly will pay no bonuses
in 2008 to its top management -- a move that may set the precedent across a
troubled Wall Street. Switzerland's UBS also takes steps to reform policies on
executive pay.