Well, so much for the idea of a no-stumbles recovery.  Concerns about the auto industry grew much deeper today, contributing to a significant (3.27 percent) drop in the Dow’s value.

Auto stocks fell as President Obama declined to give the industry any more bailout money until its leaders present some better turnaround plans.  What they’ve accomplished from the beginning of the crisis until now was judged a complete failure by a task force.

The chairman and CEO of GM, Rick Wagoner, stepped down as a result, and the word “bankruptcy” got quite a bit of use.

The auto industry isn’t exactly small, of course, and apart from affecting investors’ moods, this decline caused people to worry about entities dependent on advertising.  So stocks tied to major television networks took a dip.

The Nasdaq got off a little lighter today, losing only 2.81 percent of its value.