Stocks plunged Friday, more than erasing the previous session's gains, as investors sold a variety of shares at the end of a difficult week and volatile month on Wall Street. In economic news, U.S. personal income was unchanged in September after rising slightly the previous month, the government reported. Personal spending fell 0.5 percent, as expected, after rising 1.4 percent in August. The University of Michigan's consumer-sentiment index fell, with consumers worried about personal finances and trying to reduce debt. The U.S. dollar gained versus the euro, after falling to a 14-month low last week, and also gained versus the yen. Light sweet crude oil for December delivery fell $2.88 to $77 a barrel on the New York Mercantile Exchange after gaining 3 percent the previous session. Gold also fell. The Dow Jones industrial average fell 249.85, or 2.5 percent, to 9,712.73. It was the index's biggest one-day point loss since April 20. All 30 Dow stocks fell, led by Chevron and Exxon Mobil. Chevron reported a 51 percent drop in quarterly profit on lower oil and natural gas prices, and its shares fell 1.6 percent. Other losers included 3M, IBM, and financial shares Travelers, American Express, and J.P. Morgan Chase. The broader Standard & Poor's 500 index fell 29.93, or 2.8 percent, to 1,036.18. The technology-heavy Nasdaq composite index fell 52.44, or 2.5 percent, to 2,045.11. The New York Stock Exchange composite index fell 215.86 to 5,739.45. The American Stock Exchange composite index fell 19.01 to 1,752.23. And the Russell 2000 index fell 17.45 to 562.77.
