Stocks Dive as Crisis Erodes Earnings; Dow Drops 5.7%

The bloodletting began early after a batch of weak earnings from some of the nation’s largest industrial giants. Boeing, Merck, and Wachovia — major businesses across a range of industries — all reported poor earnings for last quarter and warned about a bleaker outlook for the remainder of the year.
Wachovia Reports $23.9 Billion Loss for Third Quarter
A.I.G. to Suspend Millions in Executive Payouts