U.S. stocks dropped, sending the S&P 500 Index to the lowest since 2005, as a plunge in oil dragged down energy shares and investors lost confidence in the government’s plan to rescue Fannie Mae and Freddie Mac.

The S&P 500 slipped 13.39 points, or 1.1 percent, to 1,214.91. The Dow Jones Industrial Average lost 92.65, or 0.8 percent, to 10,962.54, its first close below 11,000 in two years. The Nasdaq Composite Index added 2.84, or 0.1 percent, to 2,215.71.

(Bloomberg.com)