This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Sweetened Bailout Bill Sails Through House

Updated from 3:15 p.m. EDT.

The $700 billion financial rescue plan found approval on its second trip before the House of Representatives, with members voting to purchase illiquid assets from the financial system in addition to several amendments made by the Senate.

The House voted 263 to 171 in favor of the legislation, which is expected to ease strains in the credit markets and help kick-start the economy. All three major U.S. stock indices pulled back from their session highs on the plan's passage, but remained in positive territory.

Approval of the $700-billion plan comes four days after the House unexpectedly rejected an earlier version, sending stocks into a tailspin. During Monday's vote, only 205 representatives voted to pass the bill.

On Wednesday, the Senate gave the legislation -- known as the Troubled Asset Relief Program, or TARP -- resounding approval with a 74 to 25 vote, although the Senate inserted several measures in an effort to gain support from House members who originally rejected the bill.

Among the tax breaks added to the TARP proposal was one that would allow middle-class taxpayers to avoid the controversial alternative minimum tax. The AMT was put in place to garner more tax revenue from the wealthy, but has been criticized for pinching the middle-class as well. Another measure provided exemptions for research and development, as well as renewable energy, to help spur economic growth.

Another addition lifted the amount of funds that the Federal Deposit Insurance Corp. will cover in an individual bank account, to $250,000 from $100,000. The boost in insured deposits was a popular measure that found support on both sides of the aisle.
1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AIG $61.85 -0.37%
BAC $16.94 -0.53%
AAPL $126.00 -0.35%
FB $87.55 0.30%
GOOG $522.86 -0.10%

Markets

DOW 17,683.58 -46.53 -0.26%
S&P 500 2,068.76 -8.02 -0.39%
NASDAQ 4,991.94 -17.2740 -0.34%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs