Closing Bell Report
In a stunning rebuke of President Bush, the House rejected the $700 billion bailout package sparking a broad sell off which sent the markets into a tailspin. The Dow posted its largest one-day drop in history by collapsing 778 points to 10,365. Nasdaq skidded 200 points to 1984.
On the upside
Panicked investors lifted shares of Barrick Gold (NYSE: ABX) after the House rejected the $700 billion bailout package and sparked a broad sell-off.
Hilb Rogal & Hobbs (NYSE: HRH) shareholders approved the proposed merger between the insurance and risk management company and British insurer Willis Group Holdings (NYSE: WSH).
On the downside
Boeing Co. (NYSE: BA) announced that it secured a $12.6 million Navy contract to convert a Harrier aircraft for use at night time as well as a $13.6 million contract for engineering changes on the F-18 but the stock price tumbled after the House rejected the $700 billion bailout package.
Shares of Continental Airlines (NYSE: CAL) dropped even as crude oil prices retreated and the Department of Defense awared the airliner a $57.6 million contract to ship cargo overseas.
The rejection of the $700 billion bailout package sent shares of regional banks Fifth Third Bancorp (Nasdaq: FITB), FirstFed Financial (NYSE: FED) and KeyCorp (NYSE: KEY) plunging.
In the broad market, declining issues overwhelmed advancers by a margin of more than 15 to 1 on the NYSE and by 6 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plummeted 47 points to 658.
