The markets sharp decline was due to the House of Representative's rejection of the $700 Billion bailout plan. For the bill to pass, it needed 218 votes. It came up 13 votes short of that target. The final tally was 228 for and 205 against. Two-thirds of Democrats and one-third of Republicans voted for the measure. That's some unimpressive support for Republican President George Bush.
The price of crude oil fell 9.84%, or $10.52 a barrel to $96.37. This was the second largest drop in dollar terms.
The U.S. dollar rallied against other major currencies as market turmoil in Europe threatened the euro. It closed at 1 EUR = $1.4449.
In other related economic news, The Terrier Group did not sell any properties today! This may be the end of the World as we know it. Liquidate all your assets and move all your cash under your mattress!