U.S. stocks open sharply lower; auto, financial woes in play

NEW YORK (marketWatch) — U.S. stocks opened sharply lower on Thursday, with concerns about the economy and the ailing financial and auto sectors leading the market to fresh five-year lows. The Dow Jones Industrial Average fell 160 points, or 2%, to 7,837, with 29 of its 30 components opening in the red. Among Dow components, General Motors Corp. slumped another 10%. Amid concerns about the auto giant’s bankruptcy, GM’s financing unit GMAC applied to become a bank holding company to access emergency cash from the government. Citigroup Inc. also fell 10%, even after Saudi investor Prince Alaweed said it would raise his stake in the bank to 5%. The S&P 500 index fell 19 points to 787, while the Nasdaq Composite lost 23 points to 1,363.
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Original post by Forextvblog

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