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Wall Street suffers as Congress vetoes bailout plan
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13:13, September 30, 2008

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Wall Street suffered on Monday after U.S. lawmakers unexpectedly rejected financial bailout plan.

The Dow Jones average and S&P 500 posted its biggest daily percentage decline since the October 1987 stock market crash while the Nasdaq had its worst day since April 2000.

Fears were widespread as investors believed that the failure of the bill would lead to more default in banking system and claim more victims over the world.

U.S. Treasury Henry Paulson expressed disappointment Monday saying that a rescue plan for the U.S. financial system was needed as soon as possible and he would work with lawmakers to do so because it was too important to fail.

The Dow Jones industrial average sank 777.68 points, or 6.98 percent, to 10,365.45. The Standard & Poor's 500 Index was down 106.59 points, or 8.79 percent, at 1,106.42. The Nasdaq Composite Index was down 199.61 points, or 9.14 percent, at 1,983.73.

Source: Xinhua

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