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 This material may not be published, broadcast, rewritten, or redistributed.
KKTV firmly believes in freedom of speech for all and we are happy to provide this forum for the community to share opinions and facts. We ask that commenters keep it clean, keep it truthful, stay on topic and be responsible. Comments left here do not necessarily represent the viewpoint of KKTV 11 News.
If you believe that any of the comments on our site are inappropriate or offensive, please tell us by clicking “Report Abuse” and answering the questions that follow. We will review any reported comments promptly.powered by Disqus
Viewers with disabilities can get assistance accessing this station's FCC Public Inspection File by contacting the station with the information listed below. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, 888-835-5322 (TTY), or firstname.lastname@example.org.