NEW YORK – Wall Street's big March rally was officially on hold after the White House rejected turnaround plans from General Motors Corp. and Chrysler and gave investors a reality check on the economy.
All the major indexes fell more than 3.5 percent, including the Dow Jones industrial average, which lost more than 280 points. Financial stocks weighed heavily on the market.
Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments, which included the removal of GM's CEO Rick Wagoner, made the market even more uneasy not only about the industry, but the overall economy. However, analysts said the pullback, which began with a 148-point drop in the Dow Friday, wasn't surprising after the average surged 21 percent over just 13 days. read more
All the major indexes fell more than 3.5 percent, including the Dow Jones industrial average, which lost more than 280 points. Financial stocks weighed heavily on the market.
Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments, which included the removal of GM's CEO Rick Wagoner, made the market even more uneasy not only about the industry, but the overall economy. However, analysts said the pullback, which began with a 148-point drop in the Dow Friday, wasn't surprising after the average surged 21 percent over just 13 days. read more
