U.S. Stocks Plunge on Credit Concerns; Exxon, Homebuilders, Banks Retreat

(Bloomberg) -- U.S. stocks plunged the most in five
months after Exxon Mobil Corp. reported earnings that missed
analysts' estimates and higher financing costs threatened to
spur debt defaults and slow takeovers.

Exxon Mobil, the world's biggest company by market value,
posted its steepest decline in five years after it said
production decreased, while homebuilders D.R. Horton Inc. and
Beazer Homes USA Inc. retreated after reporting losses.
Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co.,
the largest U.S. banks, dragged a gauge of financial shares to a
10-month low.


Read more at Bloomberg Stocks News