U.S. stocks slid the most in two weeks as a private report showed employers cut more jobs than estimated in December and companies from Alcoa Inc. to Intel Corp. spurred concern the profit outlook is worsening.

The Standard & Poor’s 500 Index fell 1.8 percent to 918.33 at 12:20 p.m. in New York. The index is up 1.7 percent in 2009 after sliding 38 percent in 2008, its worst yearly loss since 1937. The Dow Jones Industrial Average sank 143.61 points, or 1.6 percent, to 8,871.49. The Russell 2000 Index dropped 2 percent.

Benchmark indexes erased yesterday’s gains as the ADP report showed companies accelerated layoffs as the recession entered a second year. The Labor Department may report in two days that employers slashed jobs in December for a 12th consecutive month, putting total job cuts at 2.4 million for 2008. Can you believe that? Well, if any of you know of someone that needs a new job the company that a friend of mine works for is looking for people.

Earnings of S&P 500 companies have fallen for the past five quarters, matching the longest streaks of declines on record, and the slump is forecast to continue. According to estimates compiled by Bloomberg, profits may drop 11 percent in the first quarter and 6.2 percent in the following three months.

General Motors Corp. climbed 3.5 percent to $4.08, posting the steepest gain in the Dow. The automaker that may get as much as $13.4 from the Treasury said it has enough government loans to cover its worst-case forecast for U.S. auto sales and won’t need more if the economy holds up.