Bad news on banks, Treasuries and GM sinks stocks

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Any hopes for a big, post-holiday rally for stocks were squashed today as the Dow Jones industrial average fell 173 points, or just over 2 percent, to 8,300 after regulators said more banks faced serious risk of failure, 10-year Treasury bond yields surged and General Motors (GM) faced near-certain bankruptcy after failing to woo creditors with its debt swap plan.

Only Merck (MRK) and Caterpillar (CAT) rose among the Dow's 30 component stocks. After GM, JPMorgan Chase (JPM) was the average's biggest loser, falling 5.2 percent after CEO Jamie Dimon said the bank's credit card losses would likely surge this year.

For more stocks making moves today, be sure to check out BloggingStocks' market wrap-up.
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