( At 5:30 p.m. EDT) Let's start with the good news. The Dow Jones Industrial Average finished Monday about 85 points above its session low, and not every stock fell. Now the bad news. The index ended down 254.16 points, or 3.3%, at 7522.02, and 28 stocks did in fact decline. Only IBM ( IBM) and Johnson & Johnson ( JNJ) managed to escape the selling that opened the new week, and that was just barely as each rose less than half a percent. Elsewhere it was a rough day. General Motors ( GM) was the hardest hit, sinking 25.4% to $2.70 amid renewed concerns about the future of the Detroit automaker. Bank of America ( BAC) lost 17.9% to $6.03, and Alcoa ( AA) slumped 14.2% to $6.69. American Express ( AXP) and Citigroup ( C) lost more than 11%. Due to the way the DJIA is calculated, the biggest drags on a point basis were Caterpillar ( CAT) and JPMorgan Chase ( JPM), who each accounted for more than 20 points of the drop. That performance cut the Dow's month-to-date gain to 6.5%, and it meant more than $80 billion in market cap disappeared. The upside is that it's Monday, and we all know Monday is the worst day of every week. Right?
Is It Friday Yet?
( At 1:50 p.m. EDT) Pretty brutal day for the Dow. With about two hours left in the session, the index is down 302 points at 7474, a decline of 3.9%. All 30 stocks were weaker, led by a 21% drop in General Motors ( GM) to $2.87. Also falling hard were Bank of America ( BAC), sliding 15.3% to $6.22, and Alcoa ( AA), down 12.4% at $6.83. Caterpillar ( CAT) was dropping 10%.