I don't have time to write about this but the story is in the credit markets!!! Look at the cost of money!! The stock market could be down alot more with what is going on in the credit market.
Short-term debt costs for General Motors Corp., UBS AG and Sears Holdings Corp. soared as the oldest U.S. money-market fund saddled investors with losses, sapping confidence in assets once considered among the safest.
General Motors today posted a rate of 5.25 percent for seven-day commercial paper, 1.25 percentage points more than yesterday.
UBS, Switzerland's biggest bank, is offering a rate of 3 percent on the seven-day paper, up 1 percentage point, Bloomberg data show. Hoffman Estates, Illinois-based Sears is offering 3.63 percent, or 0.33 percentage point more than yesterday, to issue 30-day commercial paper.