Updated from 3:27 p.m. EDT
No Winners Here( At 5:50 p.m. EDT) Glad that's over. The Dow Jones Industrial Average plunged Monday, as every one of its stocks retreated. We've not seen a day this bad since early March. All told, the index dropped 289.60 points, or 3.6%, to 7841.73 and in the process lost $106 billion in market capitalization. The decline, which ended a three-session winning streak, also cut its gain for the month to 3.1% and pushed the year-to-date loss to 10.7%. From a percentage standpoint, Bank of America ( BAC), down 24.3% to $8.02, and Citigroup ( C), off 19.5% to $2.94, were the worst performers. On a point basis, JPMorgan Chase ( JPM) and American Express ( AXP) were the biggest problems, together accounting for roughly 50 points of the overall decrease.
And It's Cold and Raining( At 3:10 p.m. EDT) Ugly day out there in New York. Stocks aren't doing very well, either. Right, I shouldn't talk about the weather at a time like this. So the Dow starts the week with a good old fashioned selloff. Recently it was down 270 points, or 3.3%, to 7852. Not good. All 30 stocks were in the red, and Bank of America ( BAC) remained the worst, off 22.4% to $8.23. Citigroup ( C) had it almost as bad, falling 20.3% to $2.91.
Now That's a Problem( At 10:11 a.m. EDT) As expected, the Dow is off to a terrible start this week. About 40 minutes into the session, it was near its low of the day, down 187 points at 7944. Financials and GM ( GM) were the weakest on a percentage basis. Bank of America ( BAC) was having the worst morning, dropping 13.2% to $9.20 amid concerns about credit quality. Despite bright spots in the latest numbers, CEO Ken Lewis noted in a prepared statement that the bank continues "to face extremely difficult challenges primarily from deteriorating credit quality driven by weakness in the economy and growing unemployment." And the sellers went crazy. Meanwhile, Citigroup ( C) has reportedly gotten three bids for its Japanese brokerage Nikko Cordial, but it also had its estimates cut at Barclays. Its shares were down 11.8% at $3.22. Elsewhere, American Express ( AXP) was losing 8.4% to $19.98, and GM was plunging 11.3% to $1.65. Four stocks, Procter & Gamble ( PG), Johnson & Johnson ( JNJ), Merck ( MRK) and Kraft ( KFT) were managing to escape the selling and post modest gains. Here's something that isn't quite as depressing. For those of you who like lists, Exxon Mobil's ( XOM) back at the top of the Fortune 500, replacing another Dow stock, Wal-Mart ( WMT). The top three -- the third being Chevron ( CVX) -- and seven of the first 10 are part of the industrial average.