Wall Street Tumbles in Early Trading

By: Associated Press
By: Associated Press

Stocks are tumbling in early trading, with investors uneasy about the government's ability to turn the still-weakening economy around.

Wall Street is worried that General Motors Corp. and Chrysler LLC might not be able to prove by Tuesday's deadline that they can repay billions of dollars in loans.

The market also got some more grim economic news: The New York Federal Reserve's regional manufacturing index showed a much deeper contraction in activity than expected.

In the first few minutes of trading, the Dow Jones industrial average is down about 172 points at the 7,677 level. The Standard & Poor's 500 index is down 23 points at the 802 level. The Nasdaq composite index is down 45 points at the 1,492 level.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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