Stocks got slammed today, giving up yesterday's gains and then some, as investors punished transportation and bank stocks. The Dow Jones Industrial Average declined 281 points, or 4.1 percent, to 6,594, and the S&P 500 dropped 30 points, or 4.25 percent, to 683, its lowest level since 1996.
Financial stocks were hardest hit, as JP Morgan Chase (JPM), Bank of America (BAC) and Wells Fargo (WFC) all posted steep declines after Moody's said it might cut their credit ratings, and shares of Citigroup (C) dropped below $1 for the first time. General Motors (GM) tanked after revealing that its auditor said it might be facing bankruptcy. But there was at least one big bright spot: After days of declines, General Electric (GE) was up for most of the day before closing just 3 cents lower.
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