div align=”justify”/divdiv align=”justify”/divdiv align=”justify”The Nasdaq was down more than 9%, and the Dow Jones was off more than 700 points at the close of trading Monday./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”Driving markets was the mid-afternoon decision by the House of Representatives to reject the Bush administration’s strong$700 billion bailout/strong package./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”Administration officials had warned that if the bill did not pass the country would face a recession, and bank failures, akin to the 1930s Great Depression./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”Bush is believed to be conferring with his economic team and Congressional leaders about where to go next.In the meantime investors have dumped shares sending all the major indices deep into negative territory./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”At the close of trading the Dow Jones industrials were down 777.68 points, its biggest one day drop ever, or 6.98%, at 10,365.45./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”The Nasdaq Composite was down 199.61 points or 9.14% at 1,983.73./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”The Standard and Poor’s 50 was down 106.85 points or 8.81% at 1,106.42./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”Surprisingly the U.S. dollar appreciated against the euro to 1.4450 by the close in New York. The Japanese yen benefited from the turmoil rising to 104.22. The Swiss franc was also in demand at 1.0876. The pound was last quoted at 1.81./divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”/divdiv align=”justify”The commodity currencies fell with the Australian dollar marked down to .8019, and the Canadian dollar to 1.0432, on the back of falling commodity prices./divdiv align=”justify”/divdiv align=”justify”/div