Nasdaq tanks, down 6%
MARKET SNAPSHOT
U.S. stocks hammered as House rejects rescue
Dow industrials plummet as much as 700; Nasdaq Composite down 6%
By Kate Gibson, MarketWatch
Last update: 2:58 p.m. EDT Sept. 29, 2008
NEW YORK (MarketWatch) -- U.S. stocks sank, with the Dow Jones Industrial Average plunging as much as 700 points, with legislators in the House of Representatives rejecting the government's $700 billion rescue plan for the financial sector Monday afternoon.
"So far, stocks are holding their own above lows amid expectations that House members will head back to the negotiating table, though it appears unlikely that there will be a second vote today," analysts at Action Economics said.
After falling 700 points, the Dow Jones Industrial Average ($INDU:
Stocks already were sharply lower as the global credit crisis spread, with four bailouts in Europe and the takeover of Wachovia Corp. roiling securities, commodities and currencies markets and forcing major central banks to pump more hundreds of billions of dollars into the financial system.
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