Wall Street down on economy concern

NEW YORK, Oct. 1 (Xinhua) -- Wall Street fell in early trading Wednesday, as investors doubted that a 700 billion U.S. dollars rescue plan could prevent the U.S. economy from recession.

Stocks fell sharply Monday after the House surprisingly voted down the plan, but rebounded Tuesday on speculations that the Congress will finally pass the bill. The Senate is expected to vote on the plan Wednesday night and the market will remain nervous until the votes on Capitol Hill are complete.

Investors also awaited reports on construction spending from the U.S. Commerce Department and manufacturing index from the U.S Institute for Supply Management. Economists had estimated that both spending and manufacturing would decline.

Financials mostly moved down Wednesday. And Deutsche Bank lowered its earnings outlook for the second-biggest U.S. company General Electric. GE dropped three percent in early trading.

The Dow Jones fell 133.25 to 10,717.41. Broader indexes also declined. The Standard & Poor's 500 index slipped 18.26 to 1,148.10; and the Nasdaq fell 23.06 to 2,068.82.