Major American stock indices fell on Monday, as investors remain hesitant to jump back into equities, and auto manufacturers forecast lower earnings. Analysts at Credit Suisse downgraded General Motors today to “under-perform,” initiating a 15 percent drop in GM shares. Also, Toyota forecast lower earnings for the fiscal year 2009, due to consumer pullback. It also said it would probably post the first operating loss in its history, as well as a small profit, mainly due to affiliate companies. The Dow Jones Industrial Average slid 59.74 points, or 0.7 percent, at 8519.37. The broader Standard & Poor's 500 fell 1.8 percent to 871.64. The New York Stock Exchange Composite Index was down 95.30, or 1.70 percent to 5,520.82, and the American Stock Exchange Composite Index fell 12.34 points, or 0.92 percent, to close at 1,329.10. The Russell 2000 fell 2.3 percent to 475.07.
