Updated from 2:09 p.m. EDT
At Last, Alcoa Reports(At 5:45 p.m. EDT) So it wasn't the best day, and the Dow Jones Industrial Average ended lower by 186.29 points, or 2.3%, at 7789.56, its second setback in a row. The only component to rise was Citigroup ( C), up 4 cents, or 1.5%, at $2.76. Microsoft ( MSFT) closed unchanged. What that means is the other 28 stocks dropped, with General Motors ( GM) showing the steepest decline, down 11.9% to $2.
Continuing to Decline( At 1:55 p.m. EDT) The selling has picked up as the day has progressed, and now only Citigroup ( C) is up among the Dow's 30 components. Talk about leadership. Microsoft ( MSFT) is flat, and everything else is in the red. General Motors ( GM) has continued to deteriorate, and recently it was down 13.7% at $1.96. What strange days these have been for GM. The stock closed all the way down at $1.45 on March 6, then rose to $3.62 on March 27. Since then it's been largely downhill, and now it's back under $2. This might be a stretch, but all this bankruptcy talk could have a little something do with it. As for the index overall, it was down 191 points, or 2.4%, at 7785 and on track for a second straight close in negative territory. To keep that from happening, it's going to take an awfully impressive rally in the next two hours. Hard to see that happening, though you never know.
Is Everybody Against This Market?( At 11:05 a.m. EDT) Investors George Soros and Marc Faber are out with cautious comments about the market's recent rally. Corporate reporting season -- probably best not to call it earnings season right now -- is upon us. A report out of London says the International Monetary Fund will estimate that the bad debts of banks and insurers could reach $4 trillion. Not a lot to like there. Probably shouldn't be surprised that the Dow Jones Industrial Average has a triple-digit loss. Recently, the index was down 130 points at 7846. Earlier, it dropped to 7796, so it's actually improved a bit.
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