U.S. stocks tallied steep losses on Monday as investors grew more concerned about the auto industry and ailing banks.

Dow is down more than 254 points, which is the biggest one-day drop, both in point and percentage, since March 5. A total of 28 of the 30 stocks fell.

Traders work on the floor of the New York Stock Exchange March 30, 2009.[Xinhua]

The White House ousted Rick Wagoner, CEO of General Motors and ordered GM and Chrysler to overhaul their recovery plans for further aid. President Barack Obama said on Monday that neither companies have proposed sweeping enough changes to justify further taxpayers' money. Bankruptcy may be the best option for the automakers, a government official said. GM shares fell 92 cents, or 25.41 percent, to US$2.70.

Financial sector saw sharp declines on Monday after U.S. Treasury Secretary Timothy Geithner said Sunday during a television interview that banks would likely need substantial government aid.

Bank of America fell 1.31 dollars, or 17.85 percent, to US$6.03 a share. JPMorgan Chase & Co. shed US$2.55, or 9.31 percent, to US$24.85 a share. Citigroup shares lost 31 cents, or 11.83 percent, to US$2.31.

The Dow Jones fell 254.16 to 7,522.02. Broader indexes also went sharply lower. The Standard & Poor's 500 index tumbled 28.41 to 787.53 and the Nasdaq declined 43.40 to 1,501.80.

(Xinhua News Agency March 31, 2009)