U.S. stocks slid, erasing most of the market’s 2009 gain, as a private report showed employers cut more jobs than estimated in December and companies from Alcoa Inc. to Intel Corp. spurred concern the profit outlook is worsening.

The S&P 500 fell 3 percent to 906.65, its steepest drop since Dec. 1, and trimmed its 2009 advance to less than 0.4 percent. The benchmark index tumbled 38 percent in 2008, its worst yearly loss since 1937. The Dow Jones Industrial Average sank 245.4 points, or 2.7 percent, to 8,769.7 and is down 0.1 percent on the year. The Russell 2000 Index dropped 3.4 percent.

(Bloomberg.com)