Stocks Fall Amid Automaker News

2009-04-01 16:43:54 (GMT) (WiredPRNews.com - Business, News)

Stocks take a tumble Monday after Obama rejects GM and Chrysler plans.Wired PR News – Wall Street saw major indexes fall on Monday as investors reacted with fear over Obama’s rejection of automaker plans. As reported by the Associated Press (AP), indexes fell by approximately 3 percent, which some analysts say came as no surprise after the increases of the last 13 days.David Katz with Matrix Asset Advisers is quoted as stating of the situation, “The market had a very significant rally off the lows…We think it’s just taking a breather.”Recent developments within the auto industry such as the stepping down of General Motor’s Corp. CEO Rick Wagoner and Obama’s rejection of plans from auto giants GM and Chrysler, have increased investor fears about the market and the economy. As noted by the AP report, Obama refused additional funding for the companies citing the need for more consensus among groups such as creditors and unions.