US Stocks Plunge as House Rejects Bailout Plan

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NEW YORK (AFP) - - US stocks plunged Monday 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 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 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.

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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