NEW YORK (Reuters) - Stocks tumbled at the opening on Friday, sending the S&P 500 to a fresh bear market low as news the U.S. government was taking a large common equity stake in embattled lender Citigroup sowed more uncertainty over the fate of major banks.
Adding to the negativity, government data showed that the recession deepened in the fourth quarter, with the economy shrinking at an annual rate of 6.2 percent, worse than initially estimated.
The Dow Jones industrial average <.DJI> fell 120.42 points, or 1.68 percent, to 7,061.66. The Standard & Poor's 500 Index <.SPX> lost 15.76 points, or 2.09 percent, to 737.07. The Nasdaq Composite Index <.IXIC> gave up 16.45 points, or 1.18 percent, at 1,375.02.
(Reporting by Leah Schnurr; Editing by James Dalgleish)
