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Shares of technology companies took a beating on Monday as the House of Representatives failed to pass a bailout plan for the financial sector.

The House voted down the $700 billion plan, 228 to 205, with a majority of Republicans and many Democrats casting “no” votes.

In midday trading, the Dow Jones index was down between 400 and 500 points, a recovery from an earlier intersession drop of 700 points. The CNET Tech index was trading Monday at 1378.02, a drop of roughly 105 points, or more than 7 percent from Friday’s close.

The S&P 500 Index dropped 66 points, or 6 percent, to 1,145. The Nasdaq Composite Index dropped 131, or 6 percent, to 2,053.

Among the hardest hit was Apple, which also was hit with a pair of analyst downgrades. Shares of the Mac and iPhone maker were trading at $104.50, down 23.74 or 18.5 percent. Also hard-hit were the stocks of chipmaker AMD, which was down more than 15 percent, while Google dropped 8 percent to $395.

Bellwethers such as Hewlett-Packard, IBM, and Microsoft were all off more than 5 percent at last report.

A Microsoft representative declined to comment on the market plunge. Representatives of Google, Yahoo, Intel, and Apple were not immediately available for comment.

House Republican leaders, speaking on MSNBC, pledged to try to work on a new a bill together that can pass the House. Minority leader John Boehner, the Ohio Republican, expressed frustration that the bill didn’t pass, but he shifted blame to the Democrats.

“Congress has failed to act,” Boehner said. “I do believe that we could have gotten there today, had it not been for the partisan speech that the speaker (Nancy Pelosi) gave today.”

CNET News’ Stephen Shankland contributed to this report.