Dow dives 3% as Obama warns auto giants

After just over an hour of trading, the blue chip index was 244.84 points lower, or 3.15%, to 7,531.34. The poor US start has damaged an already negative day for London's FTSE, down 106.13 points, or 2.72% to 3,792.72. In the US, just a day after Barack Obama asked General Motors boss Rick Wagoner to resign, the President said no more blank cheques would be written for GM and beleaguered rival Chrysler and did not rule out bankruptcy for the troubled firms. GM has dived on the news, down 25.14% to $2.71. Financials are also struggling, with Bank of America 12.4% behind to $6.43 and ...