Wall Street looked set for a rebound Tuesday, one day after logging their steepest losses in years when the House voted down a proposed $700 billion rescue plan for the financial sector.

A snapback of some degree wasn't unexpected as carnage on Wall Street often attracts bargain hunters. Still, questions remain about how investors will proceed without a bailout plan in place to absorb soured mortgage and other debt from banks' balance sheets and restore confidence in lending.

Wall Street was largely surprised that lawmakers didn't support the plan, though some critics say it wasn't necessary and wouldn't do enough to resuscitate the credit markets.

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