by Shu Zheng
U.S. stocks declined on Monday after the Obama administration said that the best chance for success for General Motors and rival Chrysler may be bankruptcy.
The Dow Jones Industrial Average was down about 220 points. All its components were lower. GM shares, which have slumped to their lowest levels in decades in recent months, were down more by than 24% early on, falling below $3. Given the shares' low price, however, the decline took less than 10 points off the Dow.
Blue-chip banking stocks also dropped. Bank of America and Citigroup fell by more than 10% each, and J.P. Morgan Chase slid 6.5%. The S&P 500 declined 3%, weighed down by a 5.5% decline in its financial sector. Goldman Sachs Group shares were down about 4%. Morgan Stanley fell 6%. The Nasdaq Composite Index declined 3%.
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