Wall Street sold off when Congress rejected the financial bailout that was agreed upon by Congressional leaders and the White House over the weekend. Wachovia became the latest victim of the credit crisis, with Citigroup agreeing to buy most of the assets of the fourth-largest bank.
The Dow Jones Industrial Average fell 778 points (7.0%) to close at 10,365, the S&P 500 Index lost 106 points (8.7%) to 1,107, and the Nasdaq Composite closed down 200 points (9.1%) to 1,984. Crude oil dropped $10.52 to $96.37 per barrel, and gold ended up $14.00 at $902.50 per ounce.
In economic news, personal income rose 0.5% in August, ahead of the estimate of a 0.2% increase. Consumer spending was flat, below the forecast of 0.2%, indicating that falling employment is hampering outlays. Core PCE Price Index, which is closely followed by the Fed, rose 0.2% and is up 2.6% from a year ago.
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