Wall Street slams tech on bailout bill's failure

updated: Wall Street reacted sharply to news that Congress failed to pass a $700 billion bailout bill this morning, sending the Dow Jones Industrial Average into a downward plunge more than 777 points. The tech-heavy Nasdaq, not immune to the financial ripple-effect that stems from the financial crisis, was down more than 9 percent on the news, led by Apple, which took an immediate beating and fell almost 18 percent after brokers cut their ratings.

updated: Wall Street reacted sharply to news that Congress failed to pass a $700 billion bailout bill this morning, sending the Dow Jones Industrial Average into a downward plunge more than 777 points. The tech-heavy Nasdaq, not immune to the financial ripple-effect that stems from the financial crisis, was down more than 9 percent on the news, led by Apple, which took an immediate beating and fell almost 18 percent after brokers cut their ratings. Likewise, Google, Dell, IBM, Microsoft, Yahoo and Intel also saw sharp plunges as the news hit. (Also see:  Apple: Is it really recession proof? Wall Street says no)

QUOTES Sep29 Market Close
(Yahoo Finance: Quotes chart after the market close today.)

I've posted some charts of what happened to the stock of some of the big tech companies. Larry Dignan is working on an entry that looks closer at the impact of today's news on the tech sector and will post it soon.

AAPL Sep29 Market Close
APPLE: Down almost 18 percent to close at $105.26 (Click chart to enlarge.)

GOOG Sep29 Market Close
GOOGLE: Down more than 11 percent to close at $381.00 (Click chart to enlarge)

IBM Sep29 Market Close
 IBM: Down 4.15 percent to close at $114.46 (Click chart to enlarge)

INTC Sep29 Market Close
INTEL: Down more than 10 percent to close at $17.27 (Click chart to enlarge)

MSFT Sep29 Market Close
MICROSOFT: Down almost 9 percent to close at $25.01 (Click chart to enlarge)

DELL Sep29 Market Close
DELL Down more than 9 percent to $15.41 (Click chart to enlarge)

YHOO Sep29 Market Close
YAHOO: Down more than 10 percent to close at $16.88 (Click chart to enlarge)