No love for the bailout

NEW YORK (CNNMoney.com) -- What do investors think about the $700 billion package? DePEnds whom you ask.

Stock markets gave it the thumbs down in the morning when it looked like it would sail through Congress but they also didn't like the fact that the bill was rejected in the House Monday either.

The Dow was down more than 300 points in late morning trading Monday but fell more than 700 points in late-afternoon trading after the House failed to pass the bailout bill.

Asian markets finished sharply lower Monday and in midday trading, most EuroPEan stock markets were down as well.

A bailout, should it eventually pass, could help get struggling financial firms back on their feet but investors realize that the recovery will be a long process and that more bank bombshells could lie in waiting.

"It's akin to the end of the cold war," said Matthew Lloyd, chief investment strategist of Advisors Asset Management, an institutional investment firm based in Monument, Colo. "You woke up the next day after the signing of the anti-proliferation of nuclear arms treaty and you felt better. But you still didn't forget how to duck for cover."