US stocks slid on Monday after recession and corporate worries overtook gains inspired by China's massive economic stimulus package and a bigger record US government bailout of insurer AIG. -- PHOTO: REUTERS
NEW YORK - US STOCKS skidded in opening trade Tuesday, with sentiment unsettled by fears about a collapse of General Motors and more poor corporate news amid the credit crisis.
The Dow Jones Industrial Average dropped 131.58 points (1.48 per cent) to 8,870.54 at the market open and the tech-heavy Nasdaq fell 19.12 points (1.18 per cent) to 1,597.62.
The broad Standard & Poor's 500 index shed 12.41 points (1.35 per cent) at 906.80.
US stocks slid on Monday after recession and corporate worries overtook gains inspired by China's massive economic stimulus package and a bigger record US government bailout of insurer AIG.
The Dow fell 73.27 points (0.82 per cent) to 8,870.54, the Nasdaq dropped 30.66 points (1.86 per cent) to 1,616.74, the S&P 500 retreated 11.78 points (1.27 per cent) to 919.21.
'Discussions about the fate of General Motors (GM) and the US auto industry are driving the negative bias, yet a growing sense that the bailout request line is growing longer and more complicated to prioritise is taking a toll on investor confidence,' said Mr Patrick O'Hare, analyst at Briefing.com.
The bond market was closed in observance of the Veterans Day holiday. -- AFP
