U.S. stocks slid, sending the Standard & Poor’s 500 Index toward the lowest close since 2003, after a gauge of homebuilder confidence slid to the worst level on record and concern grew that banks will report more losses.

Citigroup Inc. slid 8.2 percent and fell below $8 for the first time since 1995 after Deutsche Bank AG analyst Mike Mayo said the bank may post a 2009 deficit as revenue falls and credit costs rise. CIT Group Inc. sank 27 percent after Barclays Plc cut its price estimate for the largest independent U.S. commercial lender because its plan to sell shares will dilute earnings. Corning Inc. tumbled as much as 18 percent after the biggest maker of glass for flat-panel TVs said demand has waned.

The S&P 500 declined 1.5 percent to 837.91 at 3:25 p.m. in New York. The Dow Jones Industrial Average lost 34.25 points, or 0.4 percent, to 8,239.33. The Nasdaq Composite Index slipped 2.2 percent to 1,449.37. Four stocks retreated for each that rose on the New York Stock Exchange.

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