GM Drives Stocks Back Down
I bet you didn't even notice the pun
By Kevin Spak,  Newser Staff
Posted Mar 5, 2009 8:49 AM CST
A trader uses his handheld device as he works on the floor of the New York Stock Exchange Tuesday, March 3, 2009.   (AP Photo/Richard Drew)
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(Newser) – Bears made short work of yesterday’s rally, driving the Dow down 120 points at the open today after GM said its auditors doubted it could continue operating. The S&P sunk roughly 2%, while the Nasdaq fell 1.6%. GM shares plummeted 13%, and are trading below $2. Ford likewise declined 6%. There was a glimmer of hope, however, from Wal-Mart, which posted a 5.1% jump in same-store sales and raised its dividend. Shares rose 4%.