Wall Street pulls back after big rally, Dow finishes down 293
NEW YORK (AP) ” Stocks have pulled back sharply, erasing most of Wall Street’s day-old gains, as investors worry about whether commodity prices have risen too quickly.
The pullback Wednesday comes after a huge rally Tuesday, and some retrenchment was to be expected. But the decline also reflects investors’ continuing uneasiness about the world’s financial system and the U.S. economy.
The Dow has finished the day down about 293 points at the 12,099 level, according to preliminary calculations.