U.S. stocks fell, erasing a 111-point rally in the Dow Jones Industrial Average, as growing concern over Freddie Mac and Fannie Mae sparked a decline in financial companies that overshadowed an almost $4-a-barrel drop in oil.

The S&P 500 Index lost 10.59 points, or 0.8 percent, to 1,252.31, extending its plunge from an October record to 19.99 percent. The Dow slipped 56.58, or 0.5 percent, to 11,231.96. The Nasdaq Composite Index fell 2.06, or 0.1 percent, to 2,243.32.

(Bloomberg.com)