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Stock losses continue amid bailout uncertainty

©

Latest update : 2008-10-03

After opening down, Wall Street stocks continued to fall despite US Senate passage of a massive financial rescue package. European stock markets closed down despite rallying during the week.

Watch our Top Story, "Bailout on the ropes", our Face-Off show, "No bailout, no way out?", and the France 24 Debate, "Crisis strikes Europe".

Read Douglas Herbert's commentary and our coverage of the effects of the crisis on French banks.

Find out more about the origins of the greatest financial crisis in decades and watch Professor Gerardo Della Paolera explain how we got there.

Read "How to spend $700 billion".


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.

 

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."
 

Date created : 2008-10-02

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