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Stocks crushed
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| Contributor | DFWDem |
| Last Edited | DFWDem Sep 29, 2008 02:30pm |
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| Category | General |
| News Date | Monday, September 29, 2008 08:00:00 PM UTC0:0 |
| Description | Dow down 778, worst point drop ever, after the House rejects the $700 billion bank bailout plan.
NEW YORK (CNNMoney.com) -- Stocks skidded Monday afternoon, with the Dow's nearly 778-point drop being the worst single-day point loss ever, after the House rejected the government's $700 billion bank bailout plan.
Stocks tumbled ahead of the vote and the selling accelerated on fears that Congress would not be able come up with a fix for nearly frozen credit markets. The frozen markets mean banks are hoarding cash, making it difficult for businesses and individuals to get much-needed loans. (Full story)
According to preliminary tallies, the Dow Jones industrial average (INDU) lost 777.68, surpassing the 684.81 loss on Sept. 17, 2001 - the first trading day after the September 11 attacks. However the 7% decline does not rank among the top 10 percentage declines. |
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