Stocks Add to Losses

Updated from 12:11 p.m. EDT

Stocks on Wall Street were taking some knocks Tuesday afternoon, as traders picked through a large, lackluster pile of corporate earnings statements.

The Dow Jones Industrial Average was down 217 points at 9042, and the S&P 500 gave back 28 points to 957. The Nasdaq was down 60 points at 1711.

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.

"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.

After the close of Monday's 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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