Friday, October 03, 2008

This week's bear market, even AFTER the passing of the $700bn bail-out (video)

Financial Times London: The US Congress on Friday passed the Bush administration’s $700bn financial rescue package after a tense week on Capitol Hill, but stocks fell sharply afterwards amid continuing turmoil in the credit markets.

The 263-171 vote in the House of Representatives, which rejected an earlier proposal only four days before, came after $149bn in tax breaks was added to the bill to help sway reluctant legislators to back the plan.

Reaction on Wall Street turned increasingly negative after the vote. The S&P 500 – which rose as much as 3.6 per cent ahead of the decision – fell 1.4 per cent, closing below its level on Monday after the House voted against the bill. It was the worst week for US stocks since markets re-opened after the September 11 2001 terrorists attacks.

Watch the video here: Bear Market

- Financial Times: Fall in markets as bail-out is approved

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