Bad Day For The DOW

Wall Street hit levels not seen since March 2003, with the Dow Jones industrial average falling below the 8,000 mark.

As the fate of the Big Three automakers hangs in the balance with no bailout in sight, the benchmark Dow index skids nearly 430 points, closing at 7,997. The S&P 500 is also punished

The CEOs of the big three automakers flew to the nation’s capital yesterday in private luxurious jets to make their case to Washington that the auto industry is running out of cash and needs $25 billion in taxpayer money to avoid bankruptcy.

Wagoner flew in GM’s $36 million luxury aircraft to tell members of Congress that the company is burning through cash, asking for $10-12 billion for GM alone. … Wagoner’s private jet trip to Washington cost his ailing company an estimated $20,000 roundtrip. In comparison, seats on Northwest Airlines flight 2364 from Detroit to Washington were going online for $288 coach and $837 first class.