Stocks suffer New Year's hangover

Jan 2 - Blue chips started 2008 with the worst first-day of the year point performance in history as oil prices touched $100 and data showed a contraction in the factory sector.The Dow tumbled 220 points to 13,043. The S&P 500 dropped 21 points to 1,447. The Nasdaq fell 42 points to 2,609. Bond prices moved swiftly higher. Crude oil settled just below $100 a barrel.

Conway G. Gittens reports from New York. REUTERS VIDEO