After several days of deliberation which spilled over two weekends, the U.S. House of Representatives rejected on Monday the Emergency Economic Stabilization Act of 2008 geared at stabilizing the financial markets in the United States.

The vote was at 207 to 226 as the tally was held open while congressional leaders sought to persuade lawmakers to switch sides.

The S&P 500 sank as much as 87.02 points, or 7.2 percent, to 1,125.99 at 1:49 p.m. in New York. The Dow Jones Industrial Average slid 670, or 6 percent, to 10,472.89. The Nasdaq Composite Index declined 144, or 6.6 percent, to 2,038.61.