Posted on 03/30/2009 10:39:33 AM PDT by Red Steel
NEW YORK (AP) -- Wall Street's big March rally was officially on hold Monday as concerns about the future of the auto and financial industries led investors to take a break from buying.
Major market indicators fell at least 3 percent, including the Dow Jones industrial average, which lost fell 260 points.
The White House rejected turnaround plans from General Motors Corp. and Chrysler on Monday, warning that more concessions were needed from unions and creditors before they could be approved. Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments made the market even more uneasy about the industry.
At the same time, investors remained on edge about the fragile banking industry. Treasury Secretary Timothy Geithner said Sunday during a television interview that banks would likely need considerably more money.
However analysts said the pullback, which began Friday, wasn't surprising after the Dow surged 21 percent over just 13 days.
The rally began in early March and was fueled by economic and corporate reports that were starting to look more encouraging. Now, investors are taking money out of the market ahead of economic numbers coming out this week and first-quarter earnings in the weeks ahead, fearing that disappointing data will set the market back.
With the economy still deeply troubled, some analysts say the market may have gotten a bit ahead of itself.
"I think we had a huge run up ... that was not really justified," said Peter Jankovskis, co-chief investment officer at OakBrook investments. "There are a lot of negatives right now on the horizon."
Also among investors' chief concerns is Friday's March employment report, which is expected to show that U.S. employers shed more than 650,000 for the fourth straight month.
In early afternoon trading, the Dow tumbled 260.53,
(Excerpt) Read more at finance.yahoo.com ...
Yeah, the top fly on a steaming pile of poo.
Car company owned by the UAW...you know, this could be interesting. Who will the union bosses shake down?
“Who will the union bosses shake down?”
You/me? Duh!
Yaknow...
...the “Obama is Hitler” comparisons just keep coming, but I had a thought this morining that was spurred by his recent decapitation of GM:
Obama is NOT Hitler; he’s Robespierre, and his New Reign of Corporate Terror has only just begun.
| Dow | 7,451.13 | -325.05 | -4.18% |
Well, if we’re all gonna be stuck on a steaming pile, might as well be top fly right?
BTW, is FR really slow tonight, or do I have a virus?
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