DOW Drops 778 Points in One Day - KFDA - NewsChannel 10 / Amarillo News, Weather, Sports

DOW Drops 778 Points in One Day

Kyle Vest, Edward Jones Kyle Vest, Edward Jones

It's the worst single day drop in Wall Street history... The Dow Jones plunged 778 points today, following the House's defeat of the bail out plan.

The difference between the bailout plan's success and failure was twenty three votes. Nearly half of House Democrats and two thirds of Republicans came together Monday afternoon to prevent the $700-billion plan. Now that this plan has been vetoed, it's back to the drawing board for the legislature and that means more uncertainty for Americans.

One thing is for certain though...this situation is not nearly as bad as it was in the great depression. Edward Jones Financial Advisor Kyle Vest says. "Then there was an unemployment rate of nearly 30%. Now we're looking at a rate of around 6.1%. We have FDIC bank protection now and that's something we didn't have at that point in time." President Bush says his next step is to meet with his economic advisors for guidance on where to go from here.

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