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Flash: House rejects bailout package, market dives

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The U.S. House rejected the $700 billion financial services industry bailout package. Earlier today, the Dow Jones Industrial Average fell 700 points to a low of $10,438.01, but by the time of the vote had recovered to the $10,670 range, about 4% decline, or $450. As soon as news of the failed vote was released, the market began falling.

Update: Initial reports were that the bill failed but the house is voting again via electronic vote. Now the market is falling further, about 575 points down.

Update 2:25 p.m.: The revote failed as well. Here is Peter Cohan's take on the bailout bill.

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Symbol Lookup
IndexesChangePrice
DJIA+44.2910,291.26
NASDAQ+15.822,166.90
S&P 500+5.501,098.51

Last updated: November 11, 2009: 06:33 PM

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