Updated from 4:20 p.m. EDT

Stocks in New York ended moderately lower Tuesday as the major equity averages took a step back after the big rally that started the week.

The Dow Jones Industrial Average gave up 115.49 points, or 1.5%, to 7660.37, and the S&P 500 shed 16.56 points, or 2%, to 806.36. The Nasdaq fell 38.94 points, or 2.4%, to 1518.63. The Dow and the S&P momentarily ticked into positive territory before dropping again in the afternoon.

JP Morgan Chase ( JPM) and Bank of America ( BAC) were the worst performers on the Dow, falling 8.6% and 6.7%, respectively. Financials, which led the major indices 7% higher in the previous session as the market applauded the U.S. government's public and private investment plan, were generally weaker.

"Now the questions are what can we make of this and where do we go from here? We need more information to see how these things pan out," says David Ader, bond strategist with RBS Greenwich Capital. "It's not like this is a rejection. We trade information, new information, and on a day like today there simply isn't anything out there."

Had the session been higher, it would have been an anomaly, writes Vince Farrell, chief investment officer of Soleil Securities and a contributor to RealMoney.com. Farrell credits Laszlo Birinyi for pointing out that there have been five other days since 1990 when the market closed up 6%. Only one of those times has it risen the next day.

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