Wall Street tumbles; Dow down 358 pts

US markets plunged after a downgrade on brokerage stocks, disappointing earnings from two tech giants and oil's break above $ 140 a barrel. The Dow Jones fell more than 350 points to close at its lowest level since September 2006.

This was the lowest close for Dow since September 2006; tumble 358 points. Decline was led by nearly $5/bbl spike in oil prices. Crude hit high of $140.39 and settled at $139.64 on the NYMEX. Stocks were down on worries about investment and disappointing tech results. Nasdaq closes 79 points lower which was the biggest drop since January.

Goldman Sachs warns against more weakness for financial stocks. The banking major asks clients to sell Citigroup shares. Citigroup was down more than 6%. Bank of America is going to cut 7,500 jobs. It’s shares were down over 6%. General Motors was down 10%. Consumer stocks continue to tumble.

The Dow plunged 358.41 points, more than 3%, to close at 11,453.42. The Standard & Poor's 500 fell 38.82 points, about 3 percent, to 1,283.15, and the Nasdaq composite lost 79.89 points, or 3.3%, to 2,321.37. 

A look at how the Indian ADRs performed: