Wall Street Gives Up Some Ground After Huge Gains

By: Associated Press
By: Associated Press

Wall Street is giving back some of its gains as investors reassess the economy's strength a day after the market's biggest advance in five months.

Some pullback had been expected after the Dow Jones industrial average surged 498 points on Monday. Traders say the market is short on fresh fuel to extend a rally that has propelled stocks up about 20 percent in 10 days.

Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner are appearing at a congressional hearing and seeking greater power to dismantle big financial companies that pose risks to the economy.

In midday trading, the Dow is down 46 points at 7,728. The Standard & Poor's 500 index is down 6 at 817, while the Nasdaq composite index is down 20 at 1,536.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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