Wall Street doesnt like Main St. bailout

By
Mortgage and Lending with Liberty One Lending

Wall Street ended its worst week in seven years with another tumble on Friday on fears that the $700 billion financial rescue package may not unblock credit markets and stave off a U.S. recession.

After much legislative haggling that roiled and captivated global markets for the past two weeks, the U.S. House of Representatives passed the bill on its second try and President George W. Bush signed it into law.

Financial stocks, which had traded sharply higher on the expectation the bill would be passed, fell after the House vote. Traders cited profit-taking and said the market was now focusing on the tough economic road still ahead and on how the bill will be implemented.

The S&P financial index fell 3.9 percent, while the three major indexes all fell more than 1 percent.

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