Updated from 11:04 a.m. EDT

Stocks were sulking Thursday, as traders waited for the House of Representatives to follow up on the Senate's recent passage of a $700 billion bailout plan for financial firms.

The Dow Jones Industrial Average dropped 239 points to 10,592, and the S&P 500 was losing 30 points to 1131. The Nasdaq was slipping 57 points to 2012.

After the close of Wednesday's trading, the Senate passed the bailout bill with a 74-25 vote. The House of Representatives had rejected an earlier version of the proposal on Monday, and the stock market responded with one of its worst performances in recent memory. Among other revisions, the bill passed by the Senate included $110 billion in tax incentives aimed at fostering economic growth.

The House is expected to vote on the revised package Friday.

"I think, honestly, the Senate was kind of a foregone conclusion," said Michael Church, portfolio manager at Church Capital Management. He said that the real hurdle for the rescue package has been in the House, where local interests are holding lawmakers back from passing the bill. "You look at some of the stuff that got thrown on that thing, you have to shake your head and say that some of these guys are being bought," he said. Church also said that sentiment is so awful that a short-term surprise rally isn't out of the question.

Chris Johnson, CEO and chief investment officer at Johnson Research, said he's confident the bill will pass. He said it appears House lawmakers revised their opinion of the bill after the stock market dropped on Monday. The bill is also "aimed more at helping the common person, at least from a PR perspective," he said.

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