GM Plummets; Dow Down 254

Materials, banks see broad declines
By Nick McMaster,  Newser Staff
Posted Mar 30, 2009 3:22 PM CDT
Patrick Murphy, center, with Barclays Capital, monitors Citigroup stock prices at the New York Stock Exchange Monday, March 30, 2009.   (AP Photo/Mark Lennihan)
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(Newser) – Carmakers led stocks down today, after GM and Chrysler' reconstruction plans were rejected by the Obama administration, the Wall Street Journal reports. GM closed down 25%; parts and materials makers like Goodyear and Alcoa were also sharply lower, as were financials on continued uncertainty in that sector. The Dow fell 254.08 points to close at 7,522. The Nasdaq lost 43.40 points, settling at 1,502, and the S&P 500 shed 28.41 points, closing at 788.