Stocks Fall Despite Senate Vote

Jobless claims up
By Kevin Spak,  Newser Staff
Posted Oct 2, 2008 9:00 AM CDT
A man passes the New York Stock Exchange early Thursday, Oct. 2, 2008 in New York.    (AP Photo/Mark Lennihan)
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(Newser) – Senate approval of the bailout bill wasn’t enough to calm investors this morning, as the Dow posted a modest 51-point decline. Driving the pessimism was a report that new jobless claims have hit a new 7-year low, the Wall Street Journal reports. The S&P and Nasdaq each fell 0.6%. “The market doesn't like uncertainty and that's what we’re focusing on right now,” said one strategist. “We're playing wait-and-see.”

General Electric fell 5.6%, thanks to the company’s announcement of a new public offering. Other stocks to watch include Eli Lilly, which is bidding $6.1 billion for ImClone, and Switzerland’s UBS bank, which is expected to announce a small third-quarter profit. The Journal is also reporting that the Fed is weighing an inter-session rate cut.