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US stocks plunge as House rejects bailout plan

US stocks plunged Monday Monday: see week.  as the House of Representatives rejected a 700-billion-dollar rescue of the financial system.

In the initial roll call vote, showed members against the plan 226 to 207, but Congressional leaders who support the plan help up a final count while they tried to persuade opponents to change their votes.

The Dow Jones Industrial Average Dow Jones Industrial Average

The best known U.S. index of stocks. A price-weighted average of 30 actively traded blue-chip stocks, primarily industrials including stocks that trade on the New York Stock Exchange.
 plunged nearly 700 points when it looked like rejection was likely, but recovered 200 points as the arm-twisting continued.

After confirmation that the bailout bailout

The financial rescue of a faltering business or other organization. Government guarantees for loans made to Chrysler Corporation constituted a bailout.
 legislation was rejected on a 228-205 vote, the Dow Jones Industrial Average of blue chips plummeted 472.71 points (4.24 percent) to 10,670.42 around 1817 GMT (Greenwich Mean Time) See UTC.

GMT - Universal Time 1
.

The Nasdaq tumbled 140.40 points (6.43 percent) to 2,042.94 and the broad-market Standard & Poor's 500 index sank 72.09 points (5.94 percent) to 1,141.18.
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Author:AFP
Publication:AFP Global Edition
Date:Sep 29, 2008
Words:131
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