NEW YORK, Nov. 17 (UPI) -- U.S. stock indexes slid lower Monday after Citigroup Inc. (NYSE:C) said it would lay off 52,000 workers and Target said its third-quarter net earnings fell 24 percent.

Citigroup shares fell 7.35 percent in a rough day for financial firms. National Financial Partners Corp. (NYSE:NFP) and Hartford Financial Services Group Inc. each fell more than 27 percent Monday.

By close, the Dow Jones industrial average was down 223.73 points to 8,273.58, off 2.63 percent. The Standard and Poor's 500 fell 2.58 percent, 22.54 points, to 850.75. The Nasdaq composite index lost 34.80 points, or 2.29 percent, to 1,482.05.

On the New York Stock Exchange, 767 stocks advanced and 2,385 declined on a volume of 7.19 billion shares traded.

The benchmark 10-year U.S. Treasury bond rose 17/32 to yield 3.665 percent.

The euro rose to $1.2645, compared to $1.2691 Friday. Against the Japanese yen, the dollar fell to 96.37 yen, from Friday's 97.10 yen.

In Tokyo, the Nikkei average gained 60.19 points to 8,522.58, up 0.71 percent.

The FTSE 100 index in London fell 2.38 percent, down 100.81 points to 4,132.16.

White House pushes trade agreement pacts

WASHINGTON, Nov. 17 (UPI) -- Congress should pass free-trade agreements, especially one with Colombia, to help the economy, White House press secretary Dana Perino said Monday.

"If they (members of Congress) really want to help the economy and jump-start jobs in our country, to pass the free-trade agreements that are in front of them: Colombia Free Trade, in particular, is one that is ripe for the taking," she said.

Congress could also pass trade agreements with South Korea and Panama, she said.

She said the White House was pleased the G-20 economic summit meeting Saturday ended with "47 specific concrete actions that the countries agreed to take together," she said.

In the near term, President George Bush will focus on the economy and finding a way "to see if we can get legislation passed to help the automakers in the way that we have defined," she said.

The administration has said money from the $700 billion bailout plan was not designed for helping automakers. However, the White House is pushing members of Congress to change the $25 billion automaker loan program to see if loans can be processed quicker to help the industry.

U.S. gas prices fall 60 days and counting

WASHINGTON, Nov. 17 (UPI) -- U.S. gas prices, once a catalyst for pushing consumers away from large vehicle purchases, have plummeted since July to slightly more than $2 per gallon.

U.S. gas prices fell for the 60th day in a row Sunday, reaching a national average price of $2.105, CNNMoney reported Monday. In July, prices peaked above $4 per gallon.

Prices have dropped below the year's low. As crude oil prices have declined from a peak of $147.21 on July 11 to less than $60 per barrel Monday, gas prices have responded, reaching a price not seen in nearly two years, AAA records show.

Sixteen states now report average prices less than $2 per gallon, with the cheapest gas in Missouri at an average $1.816 per gallon, CNNMoney said.

Alaska and Hawaii report the highest prices at $3.181 and $3.049 per gallon, respectively, the report said.

Salaries rise for college presidents

WASHINGTON, Nov. 17 (UPI) -- Salaries for public university presidents rose 7 percent in 2007 and 35 percent since 2003, the Chronicle of Higher Education said Monday.

With salaries for university presidents rising faster than the cost of living, some private university presidents now earn more than $1 million a year, The Washington Post reported.

With tuition costs rising, the higher salaries rankled Sen. Charles Grassley, R-Iowa.

"In these hard economic times, apparently belt-tightening is for families and students, not university presidents," Grassley said.

"We shouldn't put the burden on students," said Gregory Cendana, vice president of the U.S. Student Association.

"When we're talking about salaries almost at $1 million, where is the relief for students?" he asked.

But, John Hopkins University spokesman Dennis O'Shea defended the money paid to university president William Brody, who earned $1.06 million in 2006.

Trustees have said Brody was underpaid given "the value he provides for the university … in terms of improving our status in virtually every area you could think of across the board," O'Shea said.