business.txt

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             U.S. lawmakers pass $700 billion bailout bill

    The U.S. House of Representatives has passed the revised version of $700 billion bank bailout plan
intended to bolster the ailing U.S. financial system.
    
    Wall Street traders had been watching developments in Washington closely. Wall Street traders had been watching developments in Washington closely.
The House rejected the original bill on Monday, sending stocks tumbling around the world.
But lawmakers approved the rescue package, backed by U.S. President George W. Bush and Treasury chiefs, 
Friday after the U.S. Senate passed it by a large majority on Wednesday.Congress voted 263 to 171 in favor of the bailout bill.
   
   President Bush signed the bill into law Friday afternoon. Stocks on Wall Street slumped Friday, as the brutal week ended. The Dow Jones industrial average lost 1.5 percent,
according to early tallies. For the week, the Dow ended down 818 points, the biggest weekly point loss in seven years and the third-biggest weekly loss on a point basis ever.
The Standard & Poor's 500 index lost 1.4 percent Friday and the Nasdaq composite lost 1.5 percent.
Bush thanked all those involved and said the bill was essential to stopping the crisis on Wall Street becoming
a crisis in the wider economy.Bush said it sent a message to the rest of the world that the U.S. was ready to 
take action to ease the credit crunch.He said it would take sometime for the bill to have an impact on the American economy.
Federal Reserve chairman Ben Bernanke said he applauded the vote.

"It demonstrates the government's commitment to do what it takes to support and strengthen our economy. 
The legislation is a critical step toward stabilizing our financial markets and ensuring an uninterrupted flow of 
credit to households and businesses.


   Oil prices have fallen below $106 a barrel as investors shift their focus 
to slowing global demand after fears about Hurricane Gustav subsided. 
full story 


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