The Wall Street slumped to its worst January ever as investors eyed abysmal reports on economic growth and several companies across various industries announced more than 100,000 job cuts in a brutal week. The Dow Jones industrial average ended Friday down 148 points, or 1.8 percent. The Standard & Poor's 500 index lost 19 points, or 2.3 percent. The Nasdaq composite lost 31 points, or 2 percent. Stocks gained in the morning even as the US economy suffered its biggest slowdown in 26 years in the last three months of 2008 with Gross domestic product falling at an annual rate of 3.8 percent-but not as bad as economists had expected. Upbeat earnings from and a few other companies also helped Wall Street in the early going.But any early goodwill soon petered out and stocks turned lower. The bulk of more than 100,000 job cuts this week occurred Monday, when several major US companies announced sweeping job cuts, pushing the day's total to more than 70,000. "The picture is still pretty glum out there," CNN cited David Wyss, chief economist for Standard & Poor's, noting that January is often a bad month for the job market, because companies want to include the reductions in their annual tax returns.