AP - Confirmation that the nation is in a recession and signs pointing to a prolonged downturn sent Wall Street plunging once again Monday, hurtling the Dow Jones industrials down nearly 700 points and more than half of last week's big gains. All the major indicators more than 7 percent, and the Standard & Poor's 500 index dropped nearly 9 percent.

AP - President-elect Barack Obama picked a national security team headed by former campaign rival Hillary Rodham Clinton and Bush administration holdover Robert Gates on Monday, and said he wants to consult with military commanders before settling on a firm timetable to withdraw U.S. combat troops from Iraq.

Reuters - Stocks tumbled on Monday as news pointing to the deepening economic slump around the world erased much of last week's sharp gains, with financial services companies and retailers among Wall Street's biggest casualties.

Reuters - Federal Reserve Chairman Ben Bernanke on Monday urged decisive action to protect the U.S. economy and said the Fed could directly buy securities and backstop markets as interest rates approach zero.