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The Senate passed a $700 billion financial industry bailout Wednesday, winning lopsided passage in the Senate and gaining ground in the House, where Republican opposition softened.

U.S. stocks have fallen again on further concerns that the credit crisis has gone global. At one stage, the Dow dropped almost 800 points before recovering later. The Dow declined 3 percent and the S&P 500 was down more than 3 percent.

The global credit crunch is threatening the Icelandic economy. Its financial sector has assets worth 12 times the country's gross domestic product. Finance Minister Arni Mathiesen says a total bankruptcy, which has been predicted, would pull a large portion of society down with it.

Republican John McCain and Democrat Barack Obama will meet in a town hall-style meeting in Nashville, Tenn. Topics are supposed to be divided between the economy and foreign policy, but given the financial crisis more questions are expected to focus on the topic.

A new poll out from the Pew Research Center examines the presidential race, opinion on Republican vice presidential candidate Sarah Palin and the bailout package. Andy Kohut of Pew Research Center says the public is divided on the bailout plan, Obama is leading in the polls and Sarah Palin's numbers are down.

The vice presidential candidates are intensely preparing to debate each other Thursday night. Republican Sarah Palin has been practicing at John McCain's retreat in Arizona. Democrat Joe Biden is prepping near his home in Delaware.

The House is expected to vote again on the $700 billion bailout bill by Friday. House Minority Whip Roy Blunt of Missouri, who is representing House Republicans in the negotiation, says three things have happened that could now sway GOP lawmakers who earlier rejected the measure.

President-elect Barack Obama has named John Podesta, Valerie Jarrett and Pete Rauss co-chairs of his transition team. He has also named William Daley, Carol Browner, Federico Pena and Janet Napolitano to his advisory panel. Illinois Rep. Rahm Emanuel has been offered the job of White House chief of staff.

President-elect Barack Obama has said the country is facing a major economic crisis and swift action is needed to resolve it. Obama made his comments in Chicago at his first news conference since his election victory Tuesday.

Retail sales fell sharply in October. It was the fourth straight month in which overall retail activity declined. The October decline of 2.8 percent looks worse than it actually is, however. Take out gas prices, which are declining, and retail sales decline 1.5 percent.