Signs of deepening economic woe slam Wall St. (Reuters)

Nasdaq as poor earnings, coupled with a fresh wave of bleak labor market and housing data, heightened fears of a deep recession.

Manufacturer of Skiploader Oil Tank

A day after financials propelled Wall Street to its longest winning streak in two months, insurer Allstate plunged 20.7 percent after posting a $1.1 billion quarterly loss and stirred concerns about more losses on insurers' books. Government reports showed the amount of people filing for unemployment benefits hit a record in mid-January, while orders for long-lasting goods fell for the fifth straight month in December and new home sales slid to a record low.

Full Story: Signs of deepening economic woe slam Wall St. (Reuters)