Stocks Open Lower as White House Mulls Automaker Bailout Package

Anxious investors awaited an imminent announcement from the White House that puts together a bailout package for the automotive industry.  The Dow lost 70 points to 8558 while the tech-heavy Nasdaq tumbled a steeper 27 points to 1513.

On the upside

Shares of General Motors (NYSE: GM) and Ford (NYSE: F) edge higher on hopes of a significant loan package to keep the automotive industry afloat.

Casino operator MGM Mirage (NYSE: MGM) announced the sale of the Treasure Island Hotel & Casino to billionaire Phil Ruffin for a much-needed $500 million in cash.

The shipping sector performed this morning with shares of DryShips (Nasdaq: DRYS) and Genco Shipping & Trading (NYSE: GNK) among the big gainers.

On the downside

Shares of Apple (Nasdaq: AAPL), Nokia (NYSE: NOK) and Research in Motion (Nasdaq: RIMM) fell as worries of weak consumer spending cast a pall on the cellphone industry.

Chemicals maker Huntsman (NYSE: HUN) would no longer be acquired by Hexion Specialty Chemicals .  The collapse of the $6.5 billion deal triggered a $1 billion legal settlement with Hexion's private-equity owner, Apollo Global Management LP.

Rofin-Sinar Technologies (Nasdaq: RSTI) lowered its 1st quarter sales outlook.  The company manufactures and sells lasers for commercial applications.

In the broad market, declining issues outpaced advancers by nearly 2 to 1 on both the NYSE and Nasdaq.  The Russell 2000 which tracks small cap stocks lost 8 points to 460.