Markets Dive at Opening
Wall Street opened today's session like a Buick rolling off a cliff: straight down, fast and hard.
The question today: Does this mean the three-week rally is over?
In the first 15 minutes of trading, the Dow is down about 216 points, or about 2.8 percent.
The broader S&P 500 and the tech-heavy Nasdaq are both down nearly 3 percent.
The Buick allusion in the first sentence is no coincidence: The markets are likely at least partly responding to yesterday's news that the White House has forced GM chief executive Rick Wagoner out of his job as a condition of getting more government bailout aid.
The fact that the government has demanded and received its pound of flesh makes Wall Street nervous: Which top executive will Washington go after next?
Despite today's poor opening performance, some analysts see today's drop -- even if it turns into a weeklong pullback -- a necessary correction to the recent surge and a necessary element of turning a dead-bear bounce into a real bull-market recovery.
March 30, 2009; 9:49 AM ET
Categories: The Ticker | Tags: Dow Jones, GM, Rick Wagoner, nasdaq, s&p 500
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