Markets Close Down as Investors Fret Over Bailout
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Financial markets have resumed their pullback as investors worry that lawmakers are losing a sense of urgency on a proposed bailout for financial institutions.
Investors watched the Treasury Secretary, Henry Paulson, and the Federal Reserve Chairman, Hank Paulson, testify before Congress during the session. And as they watched, the market grew concerned that efforts to work out a $700 billion financial rescue plan are facing a greater degree of second-guessing from lawmakers than expected.
Still, trading has been more orderly than yesterday, when investors rushed into hard assets like oil and gold.
The Dow Jones industrials are ending down 161 at the 10,854 level.