Updated from 2:21 p.m. EDT
Ugly Start to the Week( 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.
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%.
Private Enterprise Needs a Friend( At 9:35 a.m. EDT) Here's a short list of the things working against the Dow Jones Industrial Average as we get this new week started:
- We've come out of a three-week span that at one point had the index up more than 20% from its March 6 low, and we're probably due to give some of that back. Bankruptcy talk has returned for General Motors ( GM), which has a new CEO and chairman now that Washington has forced out Rick Wagoner. Timothy Geithner says some banks are probably going to need more government aid. Discussions about new regulations from the G-20 nations that will have to be monitored in the coming days.