Worst declines since Black Monday 1987 for Wall Street

Today is one of the worst days since Black Monday 1987 in Wall Street. Major indexes have seen their largest percent drop since that day 21 years ago. Wall Street was hoping that congress would pass the government’s $700 billion financial system rescue plan, but it was not good news.

Once the House of Representatives failed to pass the bailout bill investors hit back hard and not in a good way. Most of the major U.S. stock indexes plummeted on Monday, in what is thought to be one of the worst sessions ever.

The Dow industrials fell 5.4%, the Nasdaq plunged 9.1%, and the S&P 500 fell 7.8%. This is the biggest closing for the Dow in point’s terms. This has also had an effect on the Crude oil futures, as it has sank. Gold futures have risen.

Read more at Business Week