Automakers' stocks fall harder than overall market

— -- The trouble came amid signs that European auto sales, not just those in the USA, are stalling. "The contagion is spreading," said Kevin Tynan, analyst for Argus Research.

And it came a day after Fitch Ratings downgraded the debt of Ford and its credit unit deeper into junk.

Detroit's Big 3 — GM, Ford and privately held Chrysler — have collectively seen sales fall 19% through the first three quarters of the year. They were able to take some comfort, however, from sales in overseas markets holding up.

But this week, GM's European unit, Opel, announced it would suspend production at a plant for three weeks due to slowing sales, and Ford's German unit said it would suspend production and lay off 204 part-timers at one plant.

While closings were relatively minor, analysts took note. "As shallow as this trigger was, it provided an excuse" to sell, said Mark Warnsman, analyst for Calyon Securities. He added that it doesn't indicate fears either is headed for extinction. "These are large, asset-intensive businesses with decades of experience in dealing with the economic cycle."

GM, along with Ford, hit a 52-week low. Ford closed at $2.92, down 77 cents. General Motors came in at $7.56, down 92 cents.

Contributing: The Associated Press