Investors said goodbye to a rough session marked by heavy losses. The S&P 500 logged the longest stretch of losses since January. Stocks sank following a report showing rising jobless claims that heightened concern the economic slump is worsening. 

Also fueling declines: a drop in oil sent energy producers lower at the close we saw steep declines for the Dow. the S&P and Nasdaq each lost 3%.

Chrysler is consolidating two of its brands. The auto-maker will eliminate either the Dodge Nitro or Jeep Liberty sport-utility vehicle by the end of 2012. The goal is to do away with overlapping brands and combine the two to create a single model. Chrysler aims to save development and marketing costs.

Sales are paying off for eBay’s paypal. The internet auctioneer said its paypal electronic payment unit is on track to generate revenue of $2.5 billion this year. That compares to sales of $1.9 billion in 2007.