Stocks in early slide
U.S. markets open lower after a solid rally pushes Dow and S&P off 12-year lows.
NEW YORK (CNNMoney.com) -- Stocks slumped Thursday morning as questions about GM's ability to survive reignited the selloff that has sent the Dow and S&P 500 toward 12-year lows.
The Dow Jones industrial average (INDU) fell 104 points, or 1.5%, holding just above the April 1997 levels it reached on Tuesday. The S&P 500 (SPX) index lost 12 points or 1.7% and held above its Tuesday lows from October of 1996.
The Nasdaq composite (COMP) fell 15 points, or 1.2%, and held above the three-month lows it hit on Tuesday. The tech-fueled average has held up better than the other major averages this year and remains above its close of 1,316.12 from last Nov. 20.
On Wednesday, the Dow rose nearly 150 points, and the S&P and Nasdaq posted better than 2% gains, snapping a 5-session losing streak for the indexes. The Dow had fallen to the lowest level since April 1997 and the S&P to the lowest point since October 1996 before the advance.
But the latest news from General Motors (GM, Fortune 500) helped send stocks back down. The troubled automaker said Thursday in its annual filing that "there is substantial doubt about our ability to continue as a going concern." Shares plunged 11% in morning trading.
China: Chinese premier Wen Jiabao on Thursday promised a political gathering in Beijing that the nation's economy will continue to grow despite the global slowdown. But Wen did not announce any addition to the nation's $586 billion stimulus plan, disappointing global investors.
Expectations of a boost in the plan helped lift stocks around the world - including the United States - on Wednesday.
Economy: Wal-Mart Stores reported a big surge in February sales, helping the overall outlook for retail sales in the month to improve modestly. (Full story)
The number of Americans filing for initial unemployment benefits fell last week, according to a government report.
The report came a day ahead of the monthly employment report for February, expected to show a decline in payrolls of 650,000 and a rise in the unemployment rate to 7.9% from 7.6% in January.
Markets: Asian stocks ended mixed Thursday, with Tokyo's Nikkei index up nearly 2%. European markets pulled back in early trading.
Oil slipped $1.20 to $44.18 a barrel. The dollar rose against the euro and yen. 
