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Dow Posts Record Plunge After US Congress Votes Against Bailout

U.S. stock market indexes plunged Monday after the U.S. House of Representatives voted against a controversial $700-billion government plan to rescue financial companies.

The Dow Jones Industrial Average was down seven percent (778 points) to finish at 10,365. The S&P 500 fell more than 8.7 (106 points) to hit 1,107 and the NASDAQ plummeted more than nine percent (200 points) to end at 1,984.

European stock markets closed at a more than three-year low. London's Financial Times 100 index lost 5.3 percent (270 points) to end at 4,819. The CAC 40 in Paris plunged more than five percent (210 points) to close at 3,953. The DAX in Frankfurt fell 4.2 percent (256 points) to finish at 5,807.

In Asia, Tokyo's Nikkei index lost more than one percent (150 points) to end the day at 11,744. In Hong Kong, the Hang Seng index plunged more than four percent (801 points) to close at 17,881.

Gold rose $30 to trade at $908.75 an ounce.

The U.S. dollar was down against the yen and up against the euro.

Some information for this report was provided by Bloomberg.