Dow dives as auto giants seek second bail-out

The struggling car manufacturers are reported to have announced total job cuts of 50,000 and requested a combined $21.6bn in additional US government loans. GM is reportedly making the majority of the cuts and is intending to cut 47,000 jobs, nearly 20% of its workforce worldwide and has requested a further $16.6bn from the US Treasury in addition to the $13.4bn already committed. In light of this GM's shares were hit hardest yesterday shedding 12.80% bringing its price down to $2.18. Financials also weighed heavy on the index with Citigroup, JP Morgan Chase and Bank of America sheddi...