Stocks plunge for third day on dismal corporate reports

A disheartened Wall Street fell for the third straight session Wednesday as investors absorbed another series of dismal corporate reports and news that the government won’t buy banks’ soured mortgage assets after all. The Dow Jones industrials dropped more than 410 points to 8,282.66, and all the major indexes lost more than 4 percent.

The stock market has lost about $1 trillion over the past three days, according to the Dow Jones Wilshire 5000 index, which reflects the value of nearly all U.S. stocks.

Morgan Stanley to cut more staff

Morgan Stanley on Wednesday outlined plans to cut 10 percent of staff in its biggest business, which covers everything from investment banking to stock trading.

The nation’s No. 2 securities firm, which converted into a bank holding company in September, plans to scale back its most capital-intensive businesses before the end of the year.

The layoffs inside the institutional securities group follow a 10 percent cut made earlier this year to the same group.

SIOUX FALLS, S.D.

Oil prices fall nearly 6 percent

Oil prices plunged Wednesday as awful numbers from retailers and a dismal outlook from automakers lent yet more evidence that the U.S. and the rest of the globe will slash energy use.

Light, sweet crude for December delivery fell nearly 6 percent, or $3.50, to settle $56.16 a barrel on the New York Mercantile Exchange.

SECAUCUS, N.J.

Anheuser-Busch sale approved

Shareholders of Anheuser-Busch Cos. Inc. approved the $52 billion sale of the business to Belgium-based InBev SA on Wednesday, a deal that is set to create the world’s largest brewer.

The vote was the latest step necessary to form the company that will be known as Anheuser-Busch InBev and combine brands such as Bud Light and Budweiser with Stella Artois and Beck’s.

The deal, reached in July, is expected to close by the end of the year. It is subject to regulatory approval in the U.S., Britain and China.