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Wall Street downcast amid doubts over rescue package

Latest update : 2008-09-22

The New York Stock Exchange showed a weak opening, with the Dow dropping 88.64 points in the first trades. Stocks had stabilised somewhat after announcement of a bailout plan, but analysts say the plan's complications have made investors nervous.

US stocks opened weaker Monday as Wall Street turned cautious about a massive 700-billion-dollar government plan to bail out the banking industry and prop up confidence in financial markets.
   
On the heels of a powerful relief rally last week, the Dow Jones Industrial Average dropped 88.64 points (0.78 percent) to 11,299.80 and the Nasdaq composite slipped 13.61 points (0.60 percent) to 2,260.29 in the first trades.
   
The broad-market Standard & Poor's 500 index shed 8.78 points (0.70 percent) to 1,246.30.
   
Global markets were generally steady after last week's roller-coaster, soothed by plans of the huge bailout proposed by President George W. Bush's administration to stabilize the banking industry and financial institutions.
   
But some analysts said details of the plan made it more complex than anticipated and that prospects for passage were unclear.
   
"Although the plan seems likely to gain final approval, worries remain that the proposal by the US Treasury Department could face delays and undergo changes as it makes its way through Congress," analysts at Charles Schwab & Co. said.
   
"Worries about the cost of the rescue package are weighing on Treasuries and world markets are mixed."
   

Date created : 2008-09-22

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