The Dow Jones Industrial Average closed down 777 points Monday afternoon after the U.S. House of Representatives failed to pass a $700 billion bailout plan designed to aid ailing Wall Street financial institutions.
It was the largest single day drop of the Dow in history. It was the S&P 500's worst single day drop since 1987.
The House voted 228-205 Monday to defeat the bailout bill, which was heavily discussed by congressional and treasury leaders over the weekend. The plan called for an initial $350 billion and up to $350 billion more in financial aid if requested by President Bush and approved by Congress.
Earlier today, stocks dropped 300 points during House debate on the bailout plan. The New York Times reported Citigroup invested $2.2 billion into Wachovia, a banking giant that's in dire financial straits.
Nebraska's three congressmen, Lee Terry, Jeff Fortenberry and Adrian Smith, all Republicans, voted against the bailout plan. Democrats voted 140-95 for the bill, and the Republicans voted against it 133-65.
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