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US stocks were annihilated as the US House of Representatives failed to pass legislation on the mortgage bailout. The Dow Jones Industrials plunged -7% or -780 points while the S&P 500 was down a whopping -107 points or nearly -9% -- the sharpest one day decline since the 1987 crash. The flight to safe assets was palpable as US bonds rallied hard. The 2-year note saw its yield down -44 bps to 1.66%. Gold rallied $28 to $907/oz while oil plunged -$11 to $95/bbl on
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