Although President George W. Bush signed into law the $700 billion bill to bail out the financial industry, shortly after it won final approval from Congress, the Dow Jones industrial average still closed down Friday.

The Dow ended the day down 157 points. The Nasdaq also closed down 29 points.

The Dow had been up more than 300 points leading up to the House vote on the financial rescue plan, but started wavering in the afternoon – before plunging toward the close to finish out a tumultuous week that erased seven percent from the Dow and 10 percent from the Nasdaq.

With a vote of 263 to 171, the House of Representatives passed the revised version of the bill Friday afternoon.

During a press conference right after the House vote, Bush praised the efforts of congressional leaders and assured Americans that the bill is not a handout to Wall Street executives.

"The bill also ensures that these new programs are carried out so they protect taxpayers, prevent failed executives from receiving windfalls from taxpayers dollars, establishes bipartisan board to oversee plans implementation," said Bush.

The Senate passed the bill Wednesday night, adding $110 billion in tax breaks and other sweeteners.

"The original rescue bill proposed by the Bush administration was unacceptable, as has been indicated by Mr. Boehner," said House Speaker Nancy Pelosi. "It has asked us to commit $700 billion in taxpayers' money with few strings and no safeguards. We rejected in a bipartisan way, we rejected that proposal, and our bipartisan negotiations between the white house and the congress, we demanded tough additions to the bill. And they are contained in this legislation."

The only city representative to vote against the bill, Bronx Congressman Jose Serrano says the measure was just as flawed as it was Monday when he voted against it the first time around.

He said he believes the deal does not help the people who really need it.

"We gave $700 billion to people who, not long ago, were giving each other $50 million bonuses," said Serrano. "Obscene what they did, they ripped off the economy. They created an imaginary situation that didn't exist and now they're asking us to bail them out, which we did, unfortunately."

Several lawmakers who once opposed the bill were won over, in part due to phone calls from the presidential candidates.

Black lawmakers said personal calls from Democratic presidential nominee Barack Obama earned their support of the bill.

Republican rival John McCain also phoned reluctant lawmakers for their help.