Wall Street plunges as US Congress rejects bailout plan

September 30th, 2008 - 5:26 am ICT by IANS  

New York, Sep 30 (Xinhua) Wall Street plunged Monday after US House of representatives unexpectedly rejected the financial bailout plan. The Dow Jones average and S&P 500 posted its biggest daily percentage decline since the October 1987 stock market crash while the Nasdaq had its worst day since April 2000.

The Dow Jones industrial average sank 777.68 points, or 6.98 percent, to 10,365.45. The Standard & Poor’s 500 Index was down 106.59 points, or 8.79 percent, at 1,106.42. The Nasdaq Composite Index was down 199.61 points, or 9.14 percent, at 1,983.73.

US Treasury Henry Paulson expressed disappointment Monday saying that a rescue plan for the US financial system was needed as soon as possible and he would work with lawmakers to do so as it was too important to fail.

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