The major indexes opened sharply lower amid a global economic slow-down. The Dow lost more than 400 points to drop below the 10,000 mark while Nasdaq lost nearly 100 points to 1855.

On the upside

Allianz SE invested $2.5 billion in Hartford Financial (NYSE: HIG).

ImClone Systems (Nasdaq: IMCL) accepted a $6 billion cash offer to be acquired by Eli Lilly & Company (NYSE: LLY).

Dendreon (Nasdaq: DNDN) reported positive results for its prostate cancer drug treatment in the reduction of deaths.

On the downside

CombinatoRx (Nasdaq: CRXX) reported that its osteoarthritis drug candidate failed to improve symptoms when compared to a placebo.

Shares of regional banks gave up recent gains despite the signing of the $700 billion banking rescue package last week. Investors sold off National City (NYSE: NCC) and Sovereign Bancorp (NYSE: SOV).

Shares of Ford Motors (NYSE: F) fell to their lowest levels in more than 20 years.

In the broad market, declining issues overwhelmed advancers by a margin of 20 to 1 on the NYSE and by more than 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 27 points to 592.