Wall Street tumbled on Tuesday amid dismal profit outlook and decline in commodity prices.

Exxon Mobil Corp. and Chevron send energy stocks sharply lower as oil dipped below US$59 a barrel amid speculation the International Energy Agency will lower its 2009 demand forecast for oil.

General Motors traded below 3 dollars per share for the first time since April 1943, as investors worried that the largest US automaker is close to bankruptcy.

Moreover, Toll Brothers Inc., the largest US luxury homebuilder, said fourth-quarter revenue plunged 41 percent amid the housing and credit crisis.

Starbucks Corp., the world's biggest chain of coffee shops, fell sharply after the company reported the fourth-quarter profit plunged 97 percent.

The Dow Jones Industrial Average was down 176.58 points, or 1.99 percent, to 8,693.96, while the Standard & Poor's 500 Index declined 20.26 points, or 2.20 percent, to 898.95. The Nasdaq Composite Index slid 35.84 points, or 2.22 percent, to 1,580.90.

(Xinhua News Agency November 12, 2008)