Bloodbath on Wall Street

US stocks plunged on Monday after the much-touted bailout package for America's troubled financial system was voted out by the House of Representatives, sparking fears of more pain for the world's biggest economy.

The Dow Jones Industrial Average suffered its worst point drop on record, knocking off a mind-boggling US$1.2 trillion in market value, the first such instance ever in the history of Wall Street.

The Dow slumped 777.68 points, surpassing the 684.81 loss on Sept. 17, 2001 - the first trading day after the September 11 attacks. However, the 7% decline does not rank among the top 10 percentage declines.

The S &P 500 index nose-dived 106.59 points or 8.8%, to close at 1,106.42. It was its seventh worst day ever on a percentage basis and the biggest one-day percentage drop since the crash of 1987, when it lost 20.50%.

The Nasdaq Composite index slid nearly 200 points or 9.1%, to shut shop at 1,983.73. This was its third worst day on a percentage basis and also its worst decline since the crash of 1987.

Market breadth was negative. Twenty-five stocks fell for each that rose on the New York Stock Exchange (NYSE), as two billion shares were traded on the floor, up 35% over the three- month average.