Major indexes suffered their biggest percentage declines since the 1987 crash as the government’s bailout plan was defeated Monday

Wall Street was pinning its hopes on the government’s $700 billion financial system rescue plan. But the fervently wished-for bailout was rejected Monday by the House of Representatives in a stunning turn of events, and investors reacted with a vengeance. Major U.S. stock indexes plummeted Monday in one of their worst sessions ever.

The ugliness was widespread, with major indexes posting their worst percentage declines since the 1987 stock market crash. The Dow industrials fell 5.4%, the S&P 500 sank 7.8%, and the Nasdaq plunged a jaw-dropping 9.1%. The Dow suffered its biggest-ever closing loss in point terms: