Stocks Plunge on House Vote
U.S. stocks plunged this afternoon as House members looked as though they were poised to vote against the $700 billion bailout bill.
The Dow Jones industrial average took a more than 500 point dive today as the vote tallies came in. The bailout had been expected to pass but met last minute resistance. The Stand and Poor's 500 and Nasdaq were both down more than 6 percent.
Investors have been met with a drumbeat of negative news despite the bailout: Consumer spending stalled in August according to government figures released today and Wachovia was snapped up by a competitor, continuing the restructuring of the financial landscape. This weekend, two banks in Europe received government help, including the British mortgage lender Bradford & Bingley and the Belgian-Dutch financial group Fortis.
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