Wall Street falls on economic woes

Special Report:Global Financial Crisis

NEW YORK, Nov. 10 (Chinese media) -- Wall Street fell again

Monday as investors' concern about the mounting global financial crisis offset

China's 586 billion U.S. dollars stimulus package.

U.S. stocks' early rally followed advance in Asia and

Europe after China announced plans to boost its economy through a mix of

spending, subsidies, looser credit policies and tax cuts. Commodity and energy

stocks led the big board higher.

A trader looks up at stock prices as he works on the main trading floor of the New York Stock Exchange early in the trading session, November 10, 2008. (Chinese media/Reuters Photo)
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However, investors' concern was refreshed as the U.S.

government on Monday provided another 40 billion dollars financial assistance to

the insurance giant American International Group, which sent the bailout up to

around 150 billion dollars, after the company reported a loss of 24.47 billion

dollars for the third quarter.

General Motors Corp., the U.S. largest automaker, was

downgraded to "sell" at Deutsche Bank AG. Deutsche Bank also cut its target

price to zero. Shares of GM tumbled 30 percent.

Circuit City Stores Inc., the second-biggest U.S.

electronics retailer, filed under Chapter 11 of the bankruptcy code.

The Dow Jones industrial average fell 73.27 points, or 0.82 percent, to 8,870.54. The Standard Poor's 500 Index lost 11.78 points, or 1.26 percent, to 919.21. The Nasdaq Composite Index was off 30.66 points, or 1.86 percent, to 1,616.74.

A trader peers out from behind screens as he works on the main trading floor of the New York Stock Exchange early in the trading session, November 10, 2008.(Chinese media/Reuters Photo)
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A trader works on the main trading floor of the New York Stock Exchange early in the trading session, November 10, 2008.(Chinese media/Reuters Photo)
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