Toronto stock market closes down more than 800 points after bailout defeated
Kristine Owram, THE CANADIAN PRESS
September 29, 2008
TORONTO - The Toronto stock market fell more than 840 points Monday, one of the biggest one-day drops in its history.
It was a roller-coaster ride all afternoon after the U.S. House of Representatives defeated a US$700-billion bailout plan for ailing financial institutions.
At one point, Canada's main stock index plunge was down as much as 955 points Monday.
Toronto's S&P/TSX index recovered later and ended the day down 840.46 points at 11,285.54, meaning the market lost about $100 billion of its value in one day.
Stock markets in New York also plummeted on the news.
The Dow Jones industrial average lost 748.21 points to 10,394.92, it's biggest point drop on record.
