Wall Street hit levels not seen since 2003 on Wednesday, with the Dow Jones industrial average plunging below the 8,000 mark amid a dour economic outlook from the Federal Reserve and worries over the fate of Detroit's three automakers.

The Federal Reserve on Wednesday sharply lowered its projections for economic activity this year and next, and signaled that additional interest rate reductions may be needed to help combat the worst financial crisis to jolt the country in more than a half-century.

Microsoft Corp. is no longer interested in buying all of Yahoo Inc., CEO Steve Ballmer said Wednesday, though he told shareholders that the company would still be "very open" to a collaboration on Internet search.

Consumer prices plunged by the largest amount in the past 61 years in October as gasoline pump prices dropped by a record amount.

Construction of new homes plunged last month to the lowest level on records going back nearly 50 years as U.S. builders slashed production while Wall Street nosedived.

DETROIT -- While two of the Detroit Three have no new models to unveil at this year's Los Angeles Auto Show, Ford Motor Co. stayed in and will show off a revamped midsize car that is an example of how serious it is about gas mileage and about clawing its way back into the car business.

LOS ANGELES, November 19, 2008: Honda today revealed the Honda FC Sport design study model, a hydrogen-powered, three-seat sports car concept, at the 2008 Los Angeles Auto Show.

Lexus unveiled new versions of its best-selling RX-series crossovers at the Los Angeles Auto Show on Wednesday, including an RX 450h hybrid with new features that improve fuel-efficiency.

DEARBORN, Mich. -- Ford Motor Co. tries to revive its classic Mustang muscle car with a makeover for the 2010 model year that debuts at this week's Los Angeles Auto Show.

While U.S. automakers scale back their presence at the Los Angeles Auto Show, Nissan Motor Co. was determined to make a splash, unveiling three new vehicles Wednesday.

Reuters - Stocks plunged to their lowest in five-and-a-half years on Wednesday as investors girded for a lengthy economic downturn and automotive executives predicted a far-reaching calamity without a government lifeline.

Reuters - Federal Reserve officials slashed economic growth forecasts through 2009 and some believed even deeper interest rate cuts may be needed if growth slows further, minutes of their October policy meeting show.

Reuters - U.S. auto executives went to Capitol Hill on Wednesday for a second day to plead for $25 billion in government aid, but legislators tried to fashion a last-minute compromise bailout bill that could pass both Congressional and White House muster.

Reuters - The government is investigating if homeowners were misled by California bank and mortgage issuer Golden West Financial, which was acquired by Wachovia Corp -- another possible victim.

Reuters - Citigroup Inc faced a crisis of confidence on Wednesday as investors questioned the survival prospects of the U.S. banking giant, and its shares tumbled 23 percent to a 13-year low.