News of the $700 billion rescue package intended to bail out the country’s floundering financial system was greeted with both cheer and fear by Wall Street’s fraternity of market-watchers. The cheer stems from a belief that the rescue plan is a much-needed confidence builder. The fear reflects the awareness that, Washington’s life preserver notwithstanding, there is no overnight cure for the bevy of ills that have plagued markets since last October, stripping it of more than $3 trillion of market value and in excess of 3,000 points in the Dow Jones Industrial Average.