Stocks fell sharply as turmoil in the auto industry and depleted hope for financial and economic stability eroded much of the market’s March gains.
Over the weekend, the Obama administration forced out the chief executive of General Motors after the administration’s auto task force determined neither GM nor Chrysler put forward viable plans to restructure and survive. Monday, the administration was reported to be pushing bankruptcy as the lead option for the auto makers. Chrysler is closely held.
