Wall Street slumped Thursday afternoon and the S&P 500 closed at an 11-1/2 year low as fears of a prolonged recession sparked a massive selloff.

Bank stocks plunged again Thursday with some of the biggest names in the industry falling to their lowest levels in more than a decade. It's anybody guess when the selloff will end.

Citigroup Inc. suffered another brutal day on Thursday as shares tumbled to their lowest level in more than 15 years.

With the prospects of an auto bailout this week all but dead, Democratic leaders said Thursday that Congress would return in December to consider extending a $25 billion lifeline for troubled U.S. automakers if the companies devise a "viable" recovery plan.

The U.S. auto industry weathered the Great Depression. But there are some fears that its current crisis could cause another one.

Congress passed legislation late Thursday to extend the period of government assistance to Americans struggling in the shrinking job market.

Dell Inc., reporting lower quarterly earnings and revenue, said Thursday that the global economic slowdown has caused consumers and businesses to pull back on technology spending.

General Motors has a market capitalization of just $2.1 billion. The stock, which now trades for a little more than $3.50 a share, hit a 70-year low on Thursday.

Mortgage giants Fannie Mae and Freddie Mac have directed their network of servicers to halt all foreclosure and eviction proceedings between Nov. 26 2008 and Jan. 9, 2009, meant to give a recently announced rescue plan time to work.

Read full story for latest details.

Read full story for latest details.

All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can't make their monthly payments because they've lost their jobs.

While U.S. merchants are a few weeks away from wrapping up a potentially disastrous 2008, experts say there is some relief on the horizon in 2009 for both stores and consumers - and it's coming from thousands of miles away in China.

I was thinking about the financial mess the other day and I came up with this theory. I'm wary of it because it's comforting, even uplifting, and by definition any economic supposition that has a happy ending is suspect. So with that caveat here goes:

Inside a white-brick house nestled in Houston's leafy Montrose neighborhood, a gray handheld video display sits on the living room coffee table. But this is no ordinary remote control. Called the Insight and made by Tendril, a Boulder startup, the device communicates wirelessly with the home's utility meter, letting you track real-time information about the cost of the electricity you consume.

"Brother, can you spare a dime?" During the Great Depression, ten cents could buy a little something for those really hard up.

Its exclusive deal to sell the Apple iPhone has been a big boon to AT&T, a laggard in the mobile business. What happens when the deal runs out?

Citigroup began weighing the possibility of auctioning off pieces of the company or even selling itself outright. Shares fell a further 26%.

A growing number of directors with demanding day jobs are quitting the boards of troubled companies.

The Dow industrials fell 444.99 points, or 5.6%, to 7552.29, while the S&P 500 slid 6.7%, breaching its low from the last bear market. Investors fled to the safest securities, driving up Treasury prices to record levels. Financial stocks continued their freefall.

Congressional efforts to rescue Detroit's auto makers collapsed, with lawmakers saying the industry lacked credible plans to return to profitability.

Dell posted a 5% profit drop, but results weren't as bad as feared. Revenue fell 3% as PC sales to businesses slowed.

The sudden reversal in oil and gasoline prices is bringing relief to some and complicating business for others.

Fannie and Freddie suspend foreclosure sales and evictions on certain properties until January as it prepares for its loan-modification program. (Statements)

Goldman's shares fell below the $53 price where they were first sold to the public. The stock is down 75% this year.

Treasury said it will help liquidate an offering from Reserve Management, in a move to calm money markets.

A start-up plans a $1 billion network to charge electric cars around San Francisco as part of a broad push into the U.S.

Google has begun allowing users to re-rank and edit their search results through a new set of personalization features.

J.P. Morgan Chase began handing out pink slips to employees in its investment bank.

A Tennessee farming company offered to acquire U.S. Sugar in a deal which, if successful, could thwart Florida's plans to restore more of the Everglades.

The number of U.S. workers filing new claims for unemployment benefits soared again last week to its highest level in 16 years.

GE is in early talks with the Government of Singapore Investment Corp. for possible joint investments.

Switzerland's central bank cut its key rate by a percentage point, adding pressure on the ECB to accelerate the pace of its own rate cuts.

The sudden reversal in oil and gasoline prices is bringing relief to some and complicating business for others.

President-elect Obama is "on track" to nominate Hillary Clinton as secretary of state after Thanksgiving.

A onetime pilots-union leader is a top contender to head the Federal Aviation Administration.

You can more learn much more than you thought by watching a day of football.

Learn the art of presence and small talk from communications experts who swear you can do it even if you don't think you can.

Sometimes cultural barriers can undo any multimillion dollar deal. Make sure the barrier isn't you.

Press releases can be targeted directly to consumers, without the media filter. Here are 4 new ways to use press releases to win sales.

The world is your playground. Use the Global Competitiveness Index to learn which country is easiest for your company to do business in.

Trace Ayala teamed up with his friend Justin Timberlake--yes, that one--to create a clothing line and a restaurant. But they learned celebrity would only take them so far.

No matter how high up you are on the corporate ladder, it's never too late to start your own business--even if you're heading into a different industry.

Look beyond your standard groups and cocktail receptions for business connections that really work.

Logos, websites and marketing materials have to work together to create a positive impression--and put money in your pocket.

Why should you fight over the bill during a Chinese business dinner? Read on to find out.