Obama’s auto plan sends stocks tumbling-WEB ONLY

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Major stock markets indexes dropped dramatically today after President Obama refused further long-term federal bailouts for General Motors and Chrysler, saying more concessions would be needed from unions, creditors and others before more funding could be approved.

Uncertainty about the industry’s fate sent the Dow Jones industrial average falling more than 4 percent before a late-afternoon rebound left it down 3.3 percent for the day. It closed the day at 7,522.02, a drop of 254 points.

The Standard & Poor’s 500 index closed at 787.53, down 3.5 percent. The NASDAQ Composite index was off 2.8 percent, closing at 1,501.80.

GM’s stock price fell 92 cents today, or 25 percent, to $2.70. Chrysler is not publicly traded.

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