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Traders work on the floor of the New York Stock Exchange Monday, Dec. 1, 2008. A litany of bad economic news has snuffed out Wall Street's five-day rally, sending stocks falling sharply as investors realized anew how troubled the U.S. economy really is. (AP Photo/Richard Drew)AP - Confirmation that the nation is in a recession and signs pointing to a prolonged downturn sent Wall Street plunging once again Monday, hurtling the Dow Jones industrials down nearly 700 points and more than half of last week's big gains. All the major indicators more than 7 percent, and the Standard & Poor's 500 index dropped nearly 9 percent.


Former Detroit mayoral aide Christine Beatty  pauses while tearfully  reading statements admitting to two felony charges agreed upon in plea deal in the city's text-messaging sex scandal  in Judge Timothy Kenny's courtroom at the Frank Murphy Hall of Justice in Detroit on Monday, Dec. 1, 2008.  Under a deal with prosecutors, Beatty pleaded guilty to obstruction of justice and agreed to four months in jail, five years of probation and $100,000 in restitution to the city.  (AP Photo/Daniel Mears / The Detroit News)AP - Stoic and publicly silent through months of a sex scandal, the woman whose relationship with former Mayor Kwame Kilpatrick led to his downfall broke her silence Monday, shedding tears as she pleaded guilty.


In thgis Nov. 18, 2008 file photo, Paul Nawrocki, from Beacon, N.Y., wears a sign as he looks for work near the David Letterman studios in New York. The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.  (AP Photo/Bebeto Matthews, File)AP - The U.S. economy has been in a recession since December 2007, the National Bureau of Economic Research said Monday.


Tape covers bullet holes in the windows of the newly-reopened Refresh Cafe in the landmark Chhatrapati Shivaji Terminus train station, in Mumbai, India, Monday Dec. 1, 2008.  This scarred and traumatized city struggled back to its feet Monday, reopening schools and businesses, as residents tried to come to terms with the string of terror attacks that brought bloodshed to the heart of Mumbai. The owner of the cafe said he had little choice but to reopen the fast food restaurant in the station, even though its glass wall is scarred with bullet holes, half his staff refused to come back and his brother is on a ventilator in the intensive care unit after being shot in the abdomen by the attackers. (AP Photo/Lefteris Pitarakis)AP - India demanded Monday that Pakistan take "strong action" against those behind the deadly Mumbai attacks, and Washington pressured Islamabad to cooperate with the investigation.


President-elect Barack Obama, left, stands with Secretary of State-designate Sen. Hillary Rodham Clinton, D-N.Y., center, and National Security Adviser-designate Ret. Marine Gen. James Jones, right, at a news conference in Chicago, Dec. 1, 2008. (AP Photo/Pablo Martinez Monsivais)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.


 
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