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U.S. stocks hammered as House rejects rescue
Dow hit by biggest-point loss ever, topping post 9/11 loss
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By Kate Gibson, MarketWatch [SIZE=-1]Last Update: 4:47 PM ET Sep 29, 2008[/SIZE] [FONT=Arial,Helvetica,Geneva]NEW YORK (MarketWatch) -- Stocks plunged Monday, with the Dow industrials plunging 777 pointsor their worst point drop on record, as the House of Representatives voted down the government's $700 billion financial bailout package. [/FONT]
[FONT=Arial,Helvetica,Geneva]"The bill would've decreased uncertainty, at least a little," said Marc Groz, managing member, Topos LLC. "Instead, the failure of the bill has sent uncertainty -- and the VIX [the market's fear gauge] soaring. This is a fear-driven market." [/FONT]
[FONT=Arial,Helvetica,Geneva]The Dow Jones Industrial Average (
$INDU) finished at 10,365.45, down 777.68 points, or 7%, giving the blue-chip index its worst point loss in its history, topping Sept. 17, 2001, when it shed 684 points.[/FONT]
[FONT=Arial,Helvetica,Geneva]All of the Dow's 30 components ended lower, with sharp losses especially seen in the likes of Bank of America (
BAC) and American Express Co. (
AXP), which both lost over 17.6%.[/FONT]
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