Monday, September 29, 2008

Record Dow plunge as bailout bill defeated

In a stunning vote that shocked the capital and worldwide markets, Congress defeated a $700 billion emergency rescue for the nation's financial system, ignoring urgent warnings from President Bush and congressional leaders of both parties that the economy could nosedive without it.

The Dow Jones industrials plunged nearly 800 points, the most ever for a single day. The 777-point decline for the day surpassed the 684-point drop on the first trading day after the Sept. 11, 2001, terror attacks.


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