Stocks Take Tumble

Updated from 10:45 a.m. EDT

Stocks on Wall Street were registering losses Tuesday, as traders picked through a large, lackluster pile of corporate earnings statements.

The Dow Jones Industrial Average was down 184 points at 9080, and the S&P 500 gave back 25 points to 960. The Nasdaq was down 51 points at 1718.

"Wall Street is up to its eyeballs in earnings reports," said Fred Dickson, director of client research and chief market strategist at DA Davidson. He said investors are trying to figure out whether earnings estimates for the current quarter are too high and how much they may have to be reduced.

Dickson said the market is experiencing a normal pullback from yesterday's substantial rally. He says from here he expects the market to be range-bound, with the Dow trading between 7500 and 9500.

"We're taking a wait-and-see approach before we say the bear market hit its bottom on October 10," said Dickson.

On Monday, the major indices rallied sharply as credit markets opened up somewhat and Federal Reserve Chairman Ben Bernanke said an economic stimulus package may be a good idea.

After the close of that session, credit card firm American Express ( AXP) reported earnings that fell year over year but still beat analysts' expectations.

Elsewhere in the financials, business wasn't looking as good. Regional banks Fifth Third ( FITB), National City ( NCC) and KeyCorp ( KEY) all announced losses stemming from bad loans. National City said it plans to cut 4,000 jobs. US Bancorp ( USB) said its income fell from a year ago.

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