Dow slides as the crisis in Brazil worsens

Stocks were pummelled for the second day in a row as deepening economic worries in Brazil caused concerns that profits of US multinationals operating there could suffer.

At the close of trading, the Dow Jones was down 228.63 at 9,120.93, its lowest point in the session. The decline started in the morning and accelerated in the afternoon session after a second key banking official in Brazil resigned. In New York, blue chip stocks were led lower by issues of consumer companies, whose earnings rely heavily on exports to Brazil and Latin America. Among consumer issues taking big hits were Dow components Philip Morris and Procter and Gamble. Blue chips were also hurt by Eastman Kodak, which reported disappointing fourth-quarter earnings.