On September 29, 2008, the Dow Jones Industrial Average lost 777.68 points, then the largest single-day point drop in its history.
The fall came after the United States House of Representatives rejected the first version of the Emergency Economic Stabilization Act, commonly associated with the proposed $700 billion financial rescue plan. Investors feared that lawmakers would not stabilize the banking system during the global credit crisis.
The Dow fell 7.0% that session, while the S&P 500 and Nasdaq Composite also suffered major losses. The point record was later surpassed because the Dow’s numerical level had grown much larger, including a 1,175.21-point fall in February 2018 and a 2,997.10-point fall in March 2020.
Point losses and percentage losses are different measurements. A later crash can produce a larger point decline without representing a larger percentage collapse, so historical comparisons should specify which measure is being used.