The Dow Jones industrial average is down more than 700 points after the U.S. House of Representatives this afternoon defeated a $700 billion emergency rescue package, ignoring pleas from President Bush and congressional leaders from both parties to quickly bail out the staggering financial industry, the Associated Press reported.

Stocks were plummeting on Wall Street even before the 228-205 vote to reject the bill was announced on the House floor. But by 2:30 p.m. Iowa time, the Dow was down 714.04 points to 10,429.09. The Nasdaq composite index was down 176.30 points to 2,007.04 and the Standard & Poor’s 500 index was down 99.05 points to 1,113.96.

Among Iowa’s delegation, Democrats Leonard Boswell and Dave Loebsack voted for the bill. Voting against the measure were Democrat Bruce Braley and Republicans Tom Latham and Steve King.

Loebsack said he voted for the bill because he feared inaction would result in a “widening of this economic crisis.”

“Members of the House and Senate – both Democrats and Republicans – must return to the negotiating table so we can prevent further economic crisis and begin to enact necessary oversight and safeguards to protect American taxpayers,” he said in a release.

Latham said he voted against the bill “because it rewards the reckless executives who got us into this mess in the first place.”

“Congress has more work to do, and we must continue working together — both Republicans and Democrats — on this crisis to find a comprehensive, long-term solution that does not saddle taxpayers with having to pay for the excesses and greed of Wall Street,” Latham said in a release.

Many stocks of companies with a major local presence were hit hard today, including American Equity Investment Life Holding Co. (down 16.54 percent to $7.52), ING Groep NV (down 20.5 percent to $20.55) and Deere & Co. (down 14.66 percent to $47.22).