Dow plummets as Fed plan to rescue banks fails to gain votes
(BestWire) — The Dow Jones Industrial Average plummeted 7% and 777.68 points, its largest point drop in history and largest percentage drop since shortly after the 11 September terrorist attacks, in the wake of the surprise defeat on the US House floor of a $700bn plan to stabilise the financial markets, Reinsurance magazine reports.
AM Best's Global Insurance Composite Index also fell 7.1% to roughly 928, while spreads in the nearly frozen credit markets also widened significantly.
Yields on the three-month Treasury bill fell to
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