Wall Street stocks tumble

NEW YORK - Stocks closed sharply lower on Thursday, with the Dow plummeting more than 300 points, amid signs of further weakness in the housing market and deteriorating conditions for corporate buyout financing.

The Dow Jones industrial average was down 306.62 points, or 2.22 per cent, at 13,478.45. The Standard & Poor's 500 Index was down 34.37 points, or 2.26 per cent, at 1,483.72. The Nasdaq Composite Index was down 48.83 points, or 1.84 percent, at 2,599.34.

- REUTERS