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US stocks hammered as bailout bill fails
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The Dow Jones was hit by its biggest-point loss ever overnight -topping its post-9/11 loss - as the US House of Representatives narrowly rejected the Bush administration’s proposed $700 billion bailout bill. The Wall Street Journal Market Watch reported that the Dow industrials plunging 777 points - or their worst point drop on record - as the House of Representatives voted down the bailout package. “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.” “The Dow Jones Industrial Average finished at 10,365.45, down 777.68 points, or 7%, giving the blue-chip index its worst point loss in its history, topping September 17, 2001, when it shed 684 points.” Read the full story here. |
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