GM stock hits 54-year-low General Motors Corp. stock plunged to a 54-year-low Wednesday on the House vote to reject a $700 billion Wall Street bailout, while other auto sector stocks also were hammered.
GM stock fell 12.8 percent to $8.51, losing $1.25 a share, to fall to its lowest close since June 1954, according to the University of Chicago's Center for Research in Security Prices.
GM's market cap fell to $4.8 billion. The S&P 500 fell 8.8 percent, while the Nasdaq fell 9.1 percent and the Dow Jones Industrial Average -- of which GM is a component -- fell 7 percent or 778 points -- its single largest one-day drop.
On a 228-205 vote, the U.S. House rejected a government plan to purchase toxic securities by the U.S. Treasury. Congressional leaders vow to try to pass a new version later this week.
Ford Motor Co. stock fell 13.3 percent to $4.17, losing $0.64 a share, hitting its lowest close since February 1986, the Chicago center said. Ford's market capitalization fell to $9.43 billion.
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