GM Drives Stocks Back Down

Bears made short work of yesterday’s rally, driving the Dow down 120 points at the open today after GM said its auditors doubted it could continue operating. The S&P sunk roughly 2%, while the Nasdaq fell 1.6%. GM shares plummeted 13%, and are trading below $2. Ford likewise declined 6%. There was a glimmer of hope, however, from Wal-Mart, which posted a 5.1% jump in same-store sales and raised its dividend. Shares rose 4%. (More stock market stories.)