DJIA Leaders & Laggards: GM JPM

GM's stock ended the day at $9.98, down $1.77, or 15.1 percent, as analysts voiced concerns about GM's cash needs. A Merrill Lynch analyst downgraded the stock to "Underperform" from "Buy," and a Citi Investment Research analyst cut his price target.

The Dow Jones industrial average declined 166.75, or 1.5 percent, to 11,215.51, hitting the lowest close since August 2006. The price of oil reached a new record above $144 a barrel, and 24 stocks on the Dow posted declines.

Alcoa Inc. shares shed $2.33, or 6.8 percent, to $32.11.

Shares of Bank of America Corp. slipped $1.27, or 5.3 percent, to $22.54 after RBC Capital Markets analyst Joe Morford lowered his 2008 and 2009 earnings estimates for the bank amid deteriorating credit trends.

On the rising side, shares of JPMorgan Chase & Co. advanced 58 cents to $34.60.

Procter & Gamble Co. shares added 71 cents to $62.69.

Shares of Coca-Cola Co. set an annual low of $50.87 early in the session, but rebounded and rose 37 cents to $51.37.