The markets closed sharply lower over concerns that interest rate cuts are over and the effects of General Motors' plan to close four plants and cut 8,350 jobs will have on the economy. The Dow plummeted 101 points to 12,403 while Nasdaq dropped 11 points to 2480.
On the upside
On the downsideAmerican Oriental Bioengineering (Nasdaq: AOB) plans to raise $125 million through the sale of convertible preferred stock.
In the broad market, declining issues outpaced advancers by a margin of nearly 5 to 3 on the NYSE and by more than 9 to 7 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 2 points to 739.