Wall Street Feel Bailout Burnout (at TheStreet.com)

Updated from 3:04 p.m. EDT After suffering through a day of gloom and volatility, U.S. stocks closed with modest losses Wednesday as traders await the outcome of a Senate vote on the Bush administration's rescue package for the financial system. The Dow Jones Industrial Average, which had been down some 218 points earlier, ended the day off 19.59 points, or 0.2%, at 10,831.07, and the S&P 500 lost 5.3 points, or 0.5%, at 1161.06. The Nasdaq gave back 22.48 points, or 1.1%, to 2069.4. Investors were still waiting for news on a $700 billion financial-sector bailout proposal rejected by the House of Representatives on Monday. The revised bill before the Senate includes a temporary increase in the Federal Deposit Insurance Corp.'s insurance on bank deposits to $250,000 from $100,000. The bill also extends... [read full story]