NEW YORK — Doubts that the government's stimulus and bank bailout programs can stop the global economic freefall dragged Wall Street to within a fraction of a point of its lowest close in 5 1/2 years yesterday.

As President Obama signed the $787 billion stimulus bill and automakers scrambled to come up with restructuring plans, investors waited anxiously for more specifics about efforts to rescue the economy.

"The government has their hand on the tiller. They're steering. And that's the problem. The markets are not confident the proper course has been set yet," said Henry Herrmann, chief executive officer at investment management firm Waddell & Reed.