Reuters - Oil plunged more than 9 percent to $49 a barrel on Monday after OPEC deferred a decision on new supply cuts at a meeting over the weekend.

AP - The reality that the nation is indeed in recession and that the downturn may well be prolonged sent Wall Street plunging Monday, hurtling the Dow Jones industrials down nearly 700 points and wiping out more than half of last week's big gains. All the major indicators fell more than 7 percent, with the Standard & Poor's 500 index down 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.

AP - The parents of the television anchorwoman who was beaten to death said Monday there is evidence their daughter also was sexually assaulted, and that she broke her hand fighting her attacker. Five days after a suspect was arrested in the Oct. 20 beating of KATV anchorwoman Anne Pressly, Guy and Patti Cannady said on NBC's "Today" that the family still has many questions about the killing.

AP - The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday. The NBER — a private, nonprofit research organization — said its group of academic economists who determine business cycles met and decided that the U.S. recession began last December.