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.

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.

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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."