Wall Street dipped as investors fretted over the effectiveness of a new US economic stimulus law and two automakers raced to submit restructuring plans for their survival.
Wall Street dipped as investors fretted over the effectiveness of a new US economic stimulus law and two automakers raced to submit restructuring plans for their survival.
The Dow Jones Industrial Average plunged 297.41 points (3.79 per cent) to 7,553.00 at the closing bell. The tech-dominated Nasdaq dropped 63.70 points (4.15 per cent) to 1,470.66 and the broad-market Standard & Poor's 500 index retreated 37.53 points (4.54 per cent) to 789.31, according to preliminary closing figures.
President Barack Obama signed into law a massive 787-billion-dollar economic stimulus package approved by Congress Friday. But the market does not see any quick relief from the tax cuts and spending bill and has little confidence that it will work, analysts said.
"The stimulus package itself has hurt confidence as it represents tremendous spending but in some eyes, little economic stimulation," said Al Goldman at Wachovia Securities.
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