Another crappy day in the market as General Electric stoked concern about the health of corporate profits and the wider economy. The major indexes were at times down more than 1 percent.

GE, the bellwether of big business, said its financial-services divisions have been challenged by the slowing U.S. economy and difficult capital markets. Their entertainment, consumer and industrial manufacturing, finance and health care, also lowered projections for the entire year.

Earlier this week Alcoa and AMD also delivered dismal results. If the big boys can't turn a healthy profit in this market, what does the rest of the companies earnings look like?

In the first hour of trading, the Dow Jones industrial average fell 122.13, or 0.97 percent, to 12,459.85. GE dropped the most in the Dow, down $4.08, or 11%.

The Standard & Poor's 500 index fell 14.31, or 1.05 percent, to 1,346.24, and the Nasdaq composite index fell 26.52, or 1.13 percent, to 2,325.18.

Not a very bright outlook!