Updated from 4:17 p.m. EDTStocks in New York closed above their worst levels of the session Monday, but the major averages still ended sharply lower as renewed worries swirled around the health of the automaking and financial-services industries. The Dow Jones Industrial Average dropped 254.16 points, or 3.3%, to 7522.02, and the S&P 500 lost 28.41 points, or 3.5%, to 787.53. The Nasdaq Composite fell 43.40 points, or 2.8%, to 1501.80. Industrials and financials were hard hit on the Dow , with Alcoa ( AA) and Caterpillar ( CAT) down 14.2% and 9.3%, respectively. Bank of America ( BAC) lost 17.9%, and Citigroup ( C) fell 11.8%.