Market calming after Dow Loses 777 Points post-vote
By Jeffrey Jolson
WASHINGTON (Hollywood Today) 9/30/08 — The world markets are staying calm on Tuesday so far, believing the U.S. can come up with an answer after the Dow Jones industrials closed 777.68 points lower on Monday — a 6.97% drop, the biggest loss since 2001 — after the government’s bailout was defeated in the House, 228 to 205.
The Democrats had reluctantly agreed to the plan over the weekend, but Republican conservatives defeated the bill. The Dems themselves, have only a one vote advantage.
The share loss was equal to a trillion dollars being removed from the market, making the 1929 depression look small.
- Dow Dives 777
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