US markets tumble; Dow ends at six-year low and on dismal mfg data, weak outlook from HP and Asian markets trading lower; Hang Seng down 2%

Markets tumbled as anxiety over how the Obama administration will fix the crippled financial system pushed the Dow to its lowest level in more than six years.

The Dow ended at 7,465.95 after shedding 89.68 pints or 1.2%. The S&P 500 index stood at 778.94 after declining 9.48 points or 1.2%. The Nasdaq was down 25.15 points or 1.7% to close at 1,442.82.

Tech giant Hewlett-Packard cut its profit forecast. The world's largest personal-computer maker fell 7.9% and technology companies were the biggest drag on the Standard & Poor's 500 index.

Concern about rising credit card defaults dragged financial shares to their lowest levels since 1995. Bank Of America Corp and Citigroup each fell 14%.

In economic news, the Philadelphia fed branch reported its gauge of regional manufacturing activity plunging to -41.3 in February from -24.3 in January. Economists had expected a much smaller drop to -25.

Meanwhile, leading indicators rose by 0.4% in January, double the December level, while producer prices jumped 0.8% in January. Core PPI shot up 0.4%. Jobless claims were unchanged at 627,000 last week.