In The News

Wall Street bounces back on hopes of revised bailout package

With lawmakers back at work crafting what many hope to be a bank bailout package that will actually gain approval this time, the Dow Jones Industrial Average rose 496 points during trading on Tuesday, Sept. 30.

The Dow fell a historic 778 points Monday, Sept. 29, after the U.S. House of Representatives surprisingly voted against a $700 billion bank and credit bailout package.

In the hours following the defeat of the bill, the stock market tumbled and lawmakers, shocked at its failure, engaged in the blame game.

Overnight things appeared to calm a bit with lawmakers vowing to put together a successful bailout package, and Wall Street responding with an uptick in trading that eliminated nearly 64 percent of the previous day’s losses.

While negotiations on a new bill were ongoing Tuesday – during the congressional break in observance of Rosh Hashanah – House leaders were mum on when it might come up for a vote again.

Although Sen. Hillary Clinton, D-NY, suggested the Senate could take the lead in crafting the package, The Associated Press reported that the general mood in the Senate was to let the House hammer out the bill.