Source: New York Times -- Read Full Story

General Electric, which is widely viewed as a bellwether for the economy because of its diverse operations, stunned Wall Street on Friday by reporting sharply disappointing results for the first quarter and creating widespread concern about the outlook for other companies. The inability of G.E. to sidestep current market forces underscores just how broadly the credit crisis is spreading through the economy. The company, which has businesses as varied as finance and jet engines, has normally been able to manage weakness in any given sector, making its surprise all the more worrisome. The weakening outlook for company profits and a poor consumer confidence report pushed the Dow Jones industrial average down by 256 points, about 2 percent, and the other major indexes had similar declines. G.E.’s stock fell 13 percent, its biggest one-day loss in two decades.