Last Updated: March 30th, 2009: 4:55 PM ET---The major US equity indices plunged Monday, closing just off session lows, as the bears took control following news that the US government had rejected recovery plans from General Motors (NYSE:GM) and Chrysler. A wave of fear sent stocks lower after the White House decided that General Motors (NYSE:GM) and Chrysler hadn't submitted acceptable plans to receive additional federal bailout funds and therefore formulated and structured a bankruptcy plan for the two embattled automakers which would give them their "best chance at success." While all ten major economic sectors closed with losses, financial (-8.1%) shares led the broader market's decline, followed by materials (-5.1%). Triggering profit taking among financials and fueling concerns regarding a potential need for additional capital infusions were comments from Treasury Secretary Timothy Geithner, who said Sunday in an interview that banks would probably require considerably more capital. Decliners outnumbered advancing stocks by a ratio of eight to one on the New York Stock Exchange, where volume came to a light 1.5 billion shares. The Dow Jones Industrial Average fell 3.3% to 7,522, the S&P 500 fell 3.5% to 788 and the Nasdaq Composite Index fell 2.8% to 1,502.

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