UpdateDow drops nearly 600 on bailout rejection

29 September 2008 19:52  [Source: ICIS news]

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HOUSTON (ICIS news)--The Dow Jones Industrial Average plummeted by nearly 600 points on Monday after the US House of Representatives voted against a $700bn (€476bn) bailout bill intended to save the nation's banks from defaulted mortgages and other troubled assets.

Moments after the lower house of the US Congress voted against the bailout, the Dow appeared headed towards a record one-day loss.

At 13:10 hours Houston time (18:10 GMT), the Dow was down 527.75 points, or nearly 5%, and only one company - Procter & Gamble - out of the 30 companies in the index was in positive territory.

Procter & Gamble was up 27 cents, or 0.4%, to $69.11/share.

Johnson & Johnson was down 50 cents, or 0.72%, to $68.90/share.

Shares of Alcoa fell $1.95, or more than 8%, to $21.59/share.

Dow Chemical, meanwhile, fell $1.98, or nearly 6%, to $31.99.

($1 = €0.68)

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By: David Rosen
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