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Brazilian stocks have fallen sharply after U.S. lawmakers failed to reach a deal to bail out troubled financial institutions, adding to concerns of a global economic slowdown.
Sao Paulo's Ibovespa index sank 3 percent to 50,273 in early trading Friday. Brazil's currency, the real, was down nearly 1 percent against the U.S. dollar.
The losses marked a reversal from Thursday, when Brazilian shares soared 4 percent over optimism for passage of a plan to stave off a U.S. economic catastrophe.
Republican lawmakers rejected the emergency financial rescue package hours after congressional leaders from both parties announced they were nearing agreement on a deal.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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