Dow: Worst One-Day Loss Since 9/11
Wall Street's response to the House's rejection of the $700 billion Wall Street rescue plan was unambivalent: Panic.
The Dow closed down 777.68 or 7 percent, the worst one-day sell-off since the days following the terrorist attacks of Sept. 11, 2001. The Dow hit its lowest levels since November 2005.
The S&P 500 closed at its lowest levels since 2004, showing the biggest one-day drop since 1987.
The Nasdaq closed down more than 9 percent. It was the biggest one-day drop in the tech-heavy index since the dot-com bubble burst in April 2000.
Investors ran to safety, pushing the price of gold up $32 an ounce today. The price of oil fell $11 to $96 a barrel.
In an interview on CBNC as the markets were closing, fund manager Larry Fink, chief executive of BlackRock, which manages more than $1 trillion, said: "I think Congress is playing with fire. We need help and we need to get this resolved quickly."
He added: "I find it abhorrent that this is being characterized as a bailout of Wall Street. This package is a bailout of Main Street. If we don't resolve it, Main Street is going to feel very ill effects."
-- Frank Ahrens
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