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World stocks fell to near three-year lows following the U.S. Congress's rejection of a $700 bn bank rescue package. The shock rejection by U.S. lawmakers led to dramatic falls on Wall Street and beyond. Latin American stocks tumbled 13 percent, their biggest decline in more than a decade . But fears of a major meltdown eased on Tuesday after European shares and many Asian stock markets clawed back early losses on hopes the U.S. plan would eventually go through.