By Walker Simon 50 minutes ago NEW YORK (Reuters) - Stocks slid on Monday on renewed fears the credit crunch has yet to run its course after Standard & Poor's cut its ratings on three big securities firms, Wachovia ousted its chief executive, and a British mortgage lender said the UK home market was in dire straits.All three major indexes fell more than 1 percent, with the Dow skidding almost 200 points, breaking a four-day winning streak as mounting signs that the credit crisis sparked by the U.S. subprime mortgage woes showed no signs of easing hit financial stocks.
Shares of Lehman Brothers, Morgan Stanley and Merrill Lynch fell sharply after S&P cut its credit ratings of the three banks and said its outlook on large U.S. financial institutions is predominantly negative.
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