The dollar took its steepest one-day drop in years as the financial crisis eroded the nation’s basic measure of value, helping to drive U.S. stocks sharply lower and the dollar-based price of oil and gold sharply higher.

The convergence of negative sentiment came as investors focused on the uncertainties in the Bush administration’s emergency plan for a massive bailout of the financial system, outlined this weekend. Indications Monday that the administration would need more time to iron out a compromise with Congress raised questions about what the plan will ultimately look like, even as investors tried to assess how and whether it would work.

New concerns also emerged over the toll the crisis will take on the U.S. economy, with many analysts saying the slowdown could worsen, perhaps costing more jobs and hurting consumers.

The dollar Monday plunged 2.2 percent against the euro – its biggest one-day fall since January 2001.