Hardly the worst loss the market’s seen in the past few weeks, but down is stil down. The Dow closed down .82%, NASDAQ down 1.86%, and the S&P 500 down 1.27%. That even after China announced a massive financial stimulus package of its own.

But Wall Street’s optimism quickly waned, as it has tended to do since the mid-September downfall of Lehman Brothers Holdings Inc. and government takeover of the troubled insurance giant American International Group. Market participants realized that while China’s stimulus is a positive sign that governments around the world are working to fix the global economy, the stimulus itself will likely have only a limited effect in the United States.

There was little news Monday to placate investors concerned about the health of corporate America. AIG got more money from the U.S. government, but the nation’s struggling automakers have yet to hear whether they, too, will get federal aid. And electronics retailer Circuit City Stores Inc. filed for bankruptcy protection.

Shipper DHL, meanwhile, announced the slashing of 9,500 jobs as it ceased its U.S. domestic delivery service. That would mean that DHL Express has shed over 13,000 jobs this year, leaving just 3,000 to 4,000 jobs.