Dow Jones plunges more than 350 points.

Stocks tanked this afternoon “after a report showing a big slowdown in the services sector of the economy amplified fears that a recession is underway or imminent.” The report “showed business activity falling in January for the first time in five years.” The Dow Jones’s drop of more than 350 points marks the “worst loss in a single day so far in 2008,” and the eighth worst day since 2000.