The following CSS only solution for truncating text on a single line works with all browers listed at http://www.caniuse.com as of writing with the exception of Firefox 6.0. Note that JavaScript is totally unnecessary unless you need to support wrapping multiline text or earlier versions of Firefox.
.ellipsis {
white-space: nowrap;
overflow: hidden;
text-overflow: ellipsis;
-o-text-overflow: ellipsis;
}
If you need support for earlier versions of Firefox check out my answer on this other question.