Wall Street gives up some ground after huge gains
NEW YORK A stock drop is never reassuring except when it could’ve been worse.The Dow Jones industrial average has shed about 116 points, or 1.5 percent. But it has also held onto roughly 383 of the 498 points it racked up on Monday.Market analysts said a pullback was expected a day after the massive gains Wall Street logged when the government released plans lift bad loans off banks’ books. There was also little good economic or corporate news to lift the market higher.The Dow is down about 116 points at 7,660 at the close. The Standard & Poor’s 500 index is down about 17 points, or 2 percent, at 806. The Nasdaq is down about 39 points, or 2.5 percent, at 1,517.