NEW YORK (AP) -- Shares of General Motors Corp. plunged to their lowest level in more than 54 years Monday, amid a global sell off that sent the Dow Jones industrials down more than 500 points to fall below 10,000 for the first time in four years.
In morning trading, GM shares fell 58 cents, or 6.5 percent, to $8.42. They earlier dropped as low as $8.24.
That low marked the automaker's lowest share price since April 22, 1954, according to the Center for Research in Security Prices at the University of Chicago. The price is adjusted for splits and other changes.
The markets have realized that the government's $700 billion rescue plan won't work quickly to unfreeze the credit markets, and that many banks are still having difficulty gaining access to cash, prompting investors to exit stocks and move money into the relative safety of government debt.