Is there a P&S camera out there that does extended exposure?

I'm looking for a point and shoot camera that does long exposure. Either having a bulb mode or 30 seconds. All I can find out there's up to 15 seconds. Looking for a camera for my son for his birthday. I'm not loyal to Canon vs. Nikon. Looking for $500 and below price range. Any help would be greatly appreciated.

He's looking at doing some light painting and steelwool.

To get a camera with Bulb, you're looking at least going with an advanced point and shoot such as any of the Canon G series, which are great and will do the trick. Nikon 1 will also work very well. However, the cost of these cameras are so close to real DSLRs, that unless you need something small that will fit in your pocket, I would look at either the Canon T series (T3i, T5i) or the Pentax K50. I love the K50 because of it's weather/dust proof body, but mostly because it's one of the very few DSLRs with in-body stabilization which allows for stabilization of all lenses instead of just those with IS built into them like those from Nikon or Canon. Plus, it's only $250 for the body, which leave a good chunk of cash for lenses and a tripod.

Absolutely stay away from all bridge cameras such as the Canon SX50. These "look" like advance cameras but they're just point-and-shoots in a fancy body.

My old OLYMPUS XZ-1 has speed up to 60 seconds in automatic mode. Bulb in manual mode.
Second hand price is less than $150.

The new model, XZ-2, can do that too. Cost less than $500.
Sharp and bright (f/1.7) lens, large sensor (1/1.7), raw file, very small and light (12 Oz), physical image stablization, tilted 3" LCD sceen.

For light painting & steelwool - it can be remoted control (via option cable).

However, for dark scene photography like that - the new Olympus E-M10 mirrorless camera is a lot better. Its "live composite" mode completely eliminates all guess work.

The price is a bit higher than $500 (amazon).
But it's not P&S.