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Wall Street still nervous after Senate passes bailout

Wall Street stocks swung lower at the opening as investors remained cautious about the global banking crisis despite US Senate passage of a massive financial rescue package.

business Updated: Oct 02, 2008 22:45 IST

Wall Street stocks swung lower at the opening as investors remained cautious about the global banking crisis despite US Senate passage of a massive financial rescue package.

Worries remain
Bailout plan passes in Senate 74 to 25
Asian stocks hit despite Senate bailout approval
Deposit plans will cost banks more
Small businesses frozen by crisis
Fed officials considering further rate cuts
US securities regulators extend short sale ban to give Congress time
US auto sales plunge as credit crunch hits US car buyers feel the squeeze of tighter credit .
Oil falls more than $2 a barrel
Lending markets tight despite bailout bill
Interbank rates fixed higher in Hong Kong, Singapore
VW may cut output if slump continues
Bank of Japan steps up cash injections
European Central Bank to hold rates
GE to raise $15 bn, Buffett gets preferred stake
European G8 leaders to meet in Paris
GM said it can’t rule out more restructuring
Economists are split on bailout for EU banks

In the first trades, the Dow Jones Industrial Average dropped 76.14 points (0.70 percent) to 10,754.93 and the tech-heavy Nasdaq shed 15.95 points (0.77 percent) to 2,053.45.

The Standard & Poor's 500 declined 8.02 points (0.69 percent) to 1,153.04.

The market remained skittish about the widening global banking crisis even after the Senate approved a 700-billion-dollar financial rescue package with some additional tax breaks and additions and sent it back to the House of Representatives, which rejected a similar measure Monday.

"Despite the fact that it passed overwhelmingly in the Senate, its passage isn't guaranteed in the House," said John Wilson, equity strategist at Morgan Keegan.

"I would expect the financial markets to breathe a sigh of relief when the (the bill) passes, but I don't expect the clouds to part and a host of angels to appear in the heavens singing hallelujahs. It will be a start, but there is a lot to work through and a lot that is unknown."