Stocks lower after Monday's big surge

NEW YORK -- Stocks gave back some gains Tuesday as investors looked for fresh signals about Wall Street's direction a day after the market's biggest advance in five months.

Some pullback was expected after the Dow Jones industrial average jumped 498 points, or 6.8%. Investors extended a two-week rally after the government detailed a plan to buy up to $1 trillion in toxic assets from financial companies with the help of private investors. An unexpected rise in home sales also lifted the mood of traders.

Traders said the market was short on fresh fuel to extend the rally that has propelled stocks up about 20% in 10 days.

As bank stocks lost ground in late afternoon trading, the Dow Jones industrial average fell 115, or 1.5%, to 7,660. The index fell as many as 111.51 points, rose briefly in afternoon trading, and then turned lower again. The Dow had jumped 6.8% on Monday, its biggest gain since late October.

Broader stock indicators also slid. The Standard & Poor's 500 index fell 17, or 2%, to 806, and the Nasdaq composite index fell 37, or 2.4%, to 1,518.

Analysts often welcome a time-out after big days in the market to determine whether the move was overdone. On Tuesday, energy and commodity stocks weighed on the market as oil prices fell.

Oil has risen more than 30% this month as the dollar weakened and as traders wagered that the slide in the world's economy could be slowing. Energy prices had fallen in recent months as traders feared that economic weakness would crimp demand.

Lately, some traders contend that an economy many had written off is revealing nascent signs of renewal. The government on Monday sparked new hopes that things would improve after it detailed plans for a mix of taxpayer and private money to help banks get rid of up to $1 trillion in bad loans from their books.

Investors again looked to Washington for direction on Tuesday.

With little economic data to go on, investors will again be looking to Washington for direction. Federal Reserve Chairman Ben are making a rare joint appearance at a congressional hearing to testify over