News: Bail out blues hit beer market too

Shares of the nation’s beer and spirits makers fell Monday as Wall Street tumbled on news that lawmakers rejected a proposed $700 billion bailout plan for the financial industry.

The House of Representatives defeated the proposal Monday, and the news sent the Dow Jones industrials down more than 735 points. Investors are worried the failure to pass the rescue plan will make the current credit crisis worse. President Bush and congressional leaders had sought the package, which was defeated in the House 228-205.

Shares of Constellation Brands Inc.(nyse: STZ – news – people ) fell $1.22, or 5.5 percent, to close at $20.89. Shares ofFortune Brands Inc. (nyse: FOPRA –news – people ) fell $2.96, or 4.9 percent, to $57.01.

Beer maker Molson Coors Brewing Co. (nyse: TAP – news – people ) saw its shares slip $1.62, or 3.5 percent, to $44.79. Shares of Anheuser-Busch Cos. (nyse: BUD – news people ) fell $2.52, or 3.8 percent, to $63.50.

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