Wall Street's March rally on hold; market decides run is 'not justifed'

With the economy still deeply troubled, some analysts say Wall Street may have gotten ahead of itself.

"I think we had a huge run up ... that was not really justified," said Peter Jankovskis, co-chief investment officer at OakBrook investments. "There are a lot of negatives right now on the horizon."

Crude oil tumbled $3.97, or 7.6 percent, to settle at $47.99 a barrel on the New York Mercantile Exchange.

NVDL: Good to see an American President that has some common sense for a change.

clipped from finance.yahoo.com Related Quotes Symbol Price Change BAC 6.03 0.00 C 2.31 0.00 GM 2.70 0.00 JPM 24.85 0.00 NEW YORK (AP) -- Wall Street's March rally is on hold after the White House rejected turnaround plans from General Motors Corp. and Chrysler and gave investors an economic reality check. Major indexes fell about 3 percent Monday, including the Dow Jones industrial average, which lost about 254 points but finished well off its lows. Financial stocks weighed heavily on the market amid worries that banks will need fresh injections of capital. Fears of an automaker bankruptcy have been looming over investors for months, and the latest developments, which included the removal of GM's CEO Rick Wagoner, made the market uneasy not only about the industry, but the overall economy. However, analysts said the pullback, which began with a 148-point drop in the Dow Friday, wasn't surprising after the average surged 21 percent over just 13 days.