Which 2008 event caused the Dow Jones Industrial Average to lose more than 777 points in one day?

The U.S. House of Representatives’ initial rejection of the bailout bill caused the Dow Jones Industrial Average to lose more than 777 points on September 29, 2008.

The rejected legislation was the Emergency Economic Stabilization Act, which would create the Troubled Asset Relief Program, commonly called TARP. Lawmakers initially voted against it amid public opposition and disagreement over the proposed response to the financial crisis.

The Dow fell 777.68 points, then the largest single-day point decline in its history. The drop reflected fears that policymakers would not be able to stabilize banks and credit markets after the failures and rescues of major financial institutions.

Congress later passed a revised version, and President George W. Bush signed it on October 3, 2008. The event is distinct from Lehman Brothers’ bankruptcy, which occurred earlier that month.