Sector Snap: Industrial conglomerates fall

The House voted 228-205 to defeat the legislation that was pushed by the Bush administration as a necessary tonic to avert financial crisis. It is unclear shortly after the vote how Congress would proceed on the issue following its defeat.

Stocks, which were already broadly lower before the vote, continued to fall after the news.

Shares of 3M Corp., the maker of Scotch Tape, Post-It Notes and other consumer items, fell $3.13, or 4.5 percent, to close at $66.32. They earlier hit a new year low of $65.51.

United Technologies Corp. fell $4.20, or 6.9 percent to $56.66, as Textron Inc. fell $4.99, or 15.4 percent, to $27.50.

Honeywell International Inc., a diversified manufacturer, fell $3.80, or 8.6 percent, to $40.37.