The Dow and S&P fell over 3% after the U.S. raised the possibility of bankruptcy for GM and Chrysler after rejecting their turnaround plans
U.S. stocks fell sharply Monday, taking a bite out of recent market gains, as events over the weekend rekindled investors' worries about the auto industry and financial sector. The Obama administration forced General Motors' (GM) CEO to step down and said the best chance for success for the troubled automaker and its companion in misery, Chrysler LLC, may be bankruptcy.
