Dow Plunges 680 Points on Economic Woes

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In other U.S. markets Monday, Treasuries rallied. The 10-year note surged 47/32 in price to 108-21/32 for a yield of 2.75%. The 30-year note roared up 130/32 to 123-28/32 for a yield of 3.24%.

The U.S. dollar index was higher at 86.48.

January West Texas Intermediate crude oil futures fell more than $5.00 to end the New York session at $49.28 per barrel, the lowest close in more

than three years, according to Bloomberg. At a Nov. 29 meeting in Cairo, the Organization of Petroleum Exporting Countries, which supplies approximately 40% of the world's oil, postponed a decision on a cut in output until the Dec. 17 meeting in Algeria. OPEC said it will use this time to gauge the impact of the 1.5 million barrel a day cut announced in October.

February gold futures were down $41.20 to $777.80 per ounce at 2:05 p.m. ET, the biggest one-day decline in about eight months, amid speculation that demand for the yellow metal will weaken as the global economy continues to struggle.

Among Monday's stocks in the news, Mentor Corp. (MNT) agreed to be acquired by Johnson & Johnson (JNJ) in a deal valued at about $1.07 billion in cash. Mentor shareholders will get $31.00 per share.

Aon Corp. (AOC) announced that it had completed its acquisition of Benfield Group Ltd. for GBP 3.50 per common share and GBP 2.80 per preference share, in each case in cash; and the assumption of GBP 91 million of Benfield's net debt, representing an enterprise value of approximately GBP 935 million. In connection with the acquisition, Aon announced a global restructuring plan, with cumulative costs of about $185 million and estimated job cuts of 500 to 700 positions.

Two months after converting to a bank-holding company, executives at Morgan Stanley (MS) are considering a variety of scenarios to increase deposits, including acquisitions of regional banks with a customer base that overlaps with the company's existing brokerage and asset-management clients, according to a Journal report.

Parametric Technology (PMTC) announces that it has increased its share repurchase authorization from $50 million to $100 million.

DHT Maritime (DHT) says it reached agreement with Overseas Shipholding Group (OSG) whereby OSG has declared part of extension options for the seven vessels on time charter from DHT upon expiry of the vessels current initial charter periods. DHT says the declared extensions increase its fixed charter coverage from an average of 3.7 years to 4.6 years for the total fleet of 9 vessels. DHT notes that its contracted fixed charter hire revenues will increase by a minimum $70 million to about $400 million as a result of the extensions.