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We are fine sir

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TSX falls by record 840.93 points; oil drops to $95 US

The Toronto stock market hit a record 840.93-point downdraft Monday as a financial bailout bill was voted down in the U.S. House of Representatives and the price of oil dropped below $100 US a barrel.

After the bailout bill was rejected by a vote of 228-205 Monday afternoon, the S&P/TSX composite index dipped as low as 954.68 points, or 7.9 per cent, to 11,171.32.

The loss narrowed in the last hour of trading, however. The index closed at 11,285.07, down 840.93 points, or 6.9 per cent.

It was record point drop for the Toronto index, squeaking past the 840.26-point loss of Oct. 25, 2000, during the tech-stock meltdown.

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