House rejects $700B bailout; Dow falls

Date: Mon, 29 Sep 2008 13:18:48 -0500

WASHINGTON - In a stunning rebuke to President Bush, congressional
leaders and Wall Street, the House rejected a $700 billion financial
bailout package Monday, with a coalition of conservative Republicans and
liberal Democrats refusing to grant the government sweeping powers to
buy up distressed loans. Wall Street reacted immediately to the news,
with the Dow dropping 523 points as of 2:15 p.m. ET.