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.

After the close, IBM ( IBM) posted its numbers, and the report wasn't doing much to help out the shares. Profits were better than expected, but sales missed estimates. Recently, the stock was down 1.6% to $98.86.

So the sellers won the day, quite easily, in fact. We'll see if they can again tomorrow, when five Dow components are set to report their results -- Caterpillar ( CAT), DuPont ( DD), Merck ( MRK), United Technologies ( UTX) and Coca-Cola ( KO).

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.

Not much to really be happy about, except maybe for the fact that the session low was 7844, so we're a few points above that.

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.

No Help From Mergers This Time

( At 9:05 a.m. EDT)

IBM ( IBM), you're off the hook. You don't have to feel bad now at all.

With Oracle ( ORCL) saying it will buy Sun ( JAVA), you can go ahead and dispense with any residual doubt you might have had about not pursuing this deal.

Speaking of Oracle-Sun, that was only one of a series of mergers announced or proposed as the new week arrived. PepsiCo ( PEP) is offering to acquire two bottlers, and GlaxoSmithKline ( GSK) set plans for a $2.9 billion takeover of Stiefel Laboratories.

Yes, I know Pepsi and Glaxo aren't part of the Dow Jones Industrial Average. The reason I bring them up is that M&A often leads to up days for the market. Been that way for years. So far, that isn't happening. Recently, Dow futures were down more than 100 points.

As we know, the beginning of a session often has little to do with the end. At the moment though, the sellers appear to be in charge. Bank of America ( BAC) was part of the problem. It had some good. It also some bad, and its shares were down 7.7% in the premarket. Citigroup ( C) was falling 7.1%. JPMorgan Chase ( JPM) was off more than 3%.

Remember, too, that the vast majority of Mondays in 2009 have finished to the downside. So we'll see.

More from Personal Finance

U.S. Banks Urged to Make Small Loans In Competition With Payday Lenders

U.S. Banks Urged to Make Small Loans In Competition With Payday Lenders

How to Void a Check

How to Void a Check

Rent the Runway co-founder Chats with Cramer on Equal Pay and a Good Pair Jeans

Rent the Runway co-founder Chats with Cramer on Equal Pay and a Good Pair Jeans

Best Real Estate Markets for Homeowners in the U.S.

Best Real Estate Markets for Homeowners in the U.S.

How to Be a Winner Like Legendary Former General Electric CEO Jack Welch

How to Be a Winner Like Legendary Former General Electric CEO Jack Welch