U.S. stocks on Tuesday started lower as investors worried about the government's response to the financial crisis. The Dow Jones Industrial Average fell 63 points to 8,207. General Motors is one of the few Dow components trading higher even as they confirm plans to lay off 10,000 workers. The S&P 500 declined 7 points to 862 while the Nasdaq Composite shed 8 points to 1,583. Everyone is waiting for the Treasury's plan later this morning, the Senate vote on the stimulus in the afternoon, and a speech from Fed Chairman, Bernanke later in the day. The financials are quiet so far. UBS is up 11% even as they reported a big fourth quarter lossMiller-Coorsrs and Qwest both saw fourth quarter profits drop over 40% yet both stocks are up 6%. DirecTV is up 3% on a nice jump in fourth quarter earnings. Monsanto lowered guidance, but the stock is up 3%. In the tech sector, Intel is making news on plans to expand three U.S. manufacturing plants. Cisco System is selling $4 billion in senior debt sparking speculation the company will be making acquisitions in the future. After the first hour, the averages were holding up, but quickly reversed course. After the first hour, the Dow dropped over 100 points led by heavy selling in the financials. The Nasdaq declined 12 points. During the lunch hour the averages remained weak near the lows of the day. Very few stocks are in the green. The Senate passed the stimulus bill. No bounce in the averages. Then Fed Chairman Bernanke began his speak and the averages moved lower. The Dow dropped 350 points. The Nasdaq declined 58 points. The financials look awful. Bank of America is down 17%. KeyCorp and Suntrust are both down over 20%. The insurance stocks are getting hit once again. Here we go again. In the last hour, Geithner went infront of Congress and the Dow dropped over 400 points. I feel Wallstreet wants to send a message that the Treasurys' plan or outline is not enough. The Dow Jones Industrial Average fell 381 points, or 4.6%, to 7888. The S&P 500 declined 42 points, or 4.9%, to 827, while the Nasdaq Composite shed 66 points, or 4.2%, to end at 1,524.
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