Wall Street declines further; Dow down 161 points

In US markets, stocks finished lower amidst anxiety about the proposed USD 700 billion bailout plan. Analysts lowered their outlooks dragging GE and banking stocks. There are concerns that congressional vote on proposed bailout may be delayed. Ben Bernanke said that the US will face recession if the plan is not passed.

The Dow slipped 161.52 points, or 1.47%, to 10,854.17. The S&P 500 index slipped 18.87 points, or 1.56%, to 1,188.22, and the Nasdaq composite index declined 25.67 points, or 1.18%, to 2,153.34.