CBC.ca Homepage * News * Sports * Entertainment * Radio * TV * My Region ____________ Search CBC.ca Radio-Canada Logo Member Centre: Login | Sign Up CBCnews * Home * World * Canada + North + BC + Calgary + Edmonton + Saskatchewan + Manitoba + Thunder Bay + Sudbury + Windsor + Toronto + Ottawa + Montreal + PEI + NB + NS + NL * Health * Arts & Entertainment + Music + Film + Television + Books + Media + Art & Design + Theatre * Technology & Science * Money * Consumer Life * Diversions * Weather * Your Voice Story Tools: E-MAIL | PRINT | Text Size: S M L XL | REPORT TYPO | SEND YOUR FEEDBACK TSX falls by record 840.93 points; oil drops to $95 US Last Updated: Monday, September 29, 2008 | 5:42 PM ET CBC News Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. Traders on the floor of the New York Stock Exchange watch the boards and a television monitor as the bailout bill votes are counted in the House of Representatives Monday afternoon. (AP Photo/Richard Drew) 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. But it was far from the biggest percentage drop. The market dropped 11.32 per cent on Oct. 19, 1987, the Black Monday of that year's market crash. In New York, the Dow Jones Industrial average closed at its low for the day, 10,365.45, for a loss of 777.68 points, or 6.98 per cent. The closing quote for the TSX, showing the Toronto market down over 840 points, is displayed in the financial district in Toronto on Monday. The closing quote for the TSX, showing the Toronto market down over 840 points, is displayed in the financial district in Toronto on Monday. (J.P. Moczulski/Canadian Press) Toronto share prices were down across the board, with mining and energy stocks leading the way, perhaps partly because of fear that a U.S. financial crisis will crimp the world economy and reduce demand for oil. The price of oil, which peaked at $147.27 US in July, fell sharply in New York trading. Light, sweet crude for November delivery sold for as little as $95.04, down $11.85, and was still below $96 in late afternoon trading. RIM continues slide On the TSX, Research In Motion continued to slide after losing $28.43 on Friday. Its low point Monday was $62.50, down $10.07, or 13.9 per cent, but it edged upward in afternoon trading to close at $65.97, down $6.60, or nine per cent. The Waterloo, Ont., company reported a big jump in profit and revenue late Thursday, but did not meet analysts' expectations. Overseas, London's FTSE 100 was down 3.2 per cent at 4,924.66 while Germany's DAX dropped 2.9 per cent to 5,884.17 and France's CAC 40 fell 2.9 per cent to 4,039.07. Tokyo's Nikkei 225 index was down 1.3 per cent at 11,743.61 and Hong Kong's Hang Seng Index fell 2.1 per cent to 18,286.90. With files from the Associated Press * Story Tools: E-MAIL | PRINT | Text Size: S M L XL | REPORT TYPO | SEND YOUR FEEDBACK Related Internal Links IN DEPTH: Timeline of financial bumps and meltdowns in Canada and the U.S. YOUR VIEW: Does the recent market turmoil have any impact on your retirement plans? U.S. House votes down $700B bailout deal Mortgage debacle claims another big U.S. bank, Wachovia As banking woes spread, European governments mount costly rescues Money Headlines * Top Headlines * Recommended * Commented Majority of Canadians back loans to auto companies, poll suggests A majority of Canadians are comfortable with billions of dollars in government loans for the ailing auto industry, a new poll suggests. Venezuela moves to seize gold concessions Venezuela will seize several gold mining concessions that previous governments granted private operators, in a bid to supplement falling oil prices with proceeds from state-controlled gold, President Hugo Chavez said Saturday. U.S. markets edge up on Boxing Day U.S. markets made a small gain Friday after being closed Thursday for Christmas day. Mexico suspends meat imports from 30 U.S. plants Mexico has suspended meat imports from 30 U.S. processing plants, incuding some run by leading packers, the U.S. Department of Agriculture website shows. Economy shrank 0.1% in October: StatsCan Video Canada's economy contracted by 0.1 per cent in October, although that was a smaller drop than the 0.3 per cent decline economists had been forecasting. Money Features AUTO SECTORThe not-so-Big 3 North American car makers struggle for survival REALITY CHECKBank of Canada The voice of doom? BIZ HITVideo Update Hourly market wrap from CBC Newsworld FRAUDThe Ponzi scheme How it works ENERGYOil Cheaper crude: who wins, who doesn't WORLDEconomy National outlooks: Winners and losers People who read this also read ... 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