Dow Drops Nearly 300 on Auto Bailout News

By Kevin Spak,  Newser Staff
Posted Mar 30, 2009 8:46 AM CDT
A stock trader works at the New York Stock Exchange Monday, March 30, 2009. Stocks opened lower Monday after the White House rejected requests by General Motors Corp. and Chrysler to get more bailout...   (AP Photo/Mark Lennihan)
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(Newser) – Stocks hit the brakes hard this morning, after the Obama administration’s auto task force panned GM and Chrysler’s proposed reconstruction plans. The Dow was down 298 points by late morning, while the S&P and Nasdaq had tumbled 59 and 31 points respectively. GM plummeted 25%, falling below $3. Financials, meanwhile, were falling, in response to huge selloffs overseas. The Nikkei fell 4.5%, the Hang Seng 4.8%, and the Sensex 4.9%.