On the global front: US mkts slip on potential auto bankruptcy news, Asian markets trading firm; Nikkei, Hang Seng up. US markets fell sharply on concerns about potential bankruptcies in the auto sector and worries that some big banks will need a lot more bailout money. General Motors shares tumbled 25% after the surprise ouster of CEO Rick Wagoner by the Obama administration in exchange for more bailout funds. In other bailout news, Treasury Secretary Timothy Geithner said earlier that several big banks are going to need large amounts of assistance from the government. Financials finished at their lows for the day; Bank of America shed 18% while Citigroup and JP Morgan lost 12 and 9.3 percent. The Dow plunged 254.16 points, or 3.3%, to 7,522.02. The S&P 500 index was down 28.41 points, or 3.5%, to 787.53, while the NASDAQ composite index slipped 43.40 points, or 2.8%, to 1,501.80.
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