NEW YORK (AP) - Wall Street gave back some of last week's big gains Monday as euphoria over the government's expected stimulus bill waned amid more grim corporate news.
The Senate is expected to pass an $827 billion stimulus bill on Tuesday. The government, however, still faces the challenge of reconciling the Senate bill with the House's $819 billion version that passed earlier. Republicans and Democrats have been at odds over the plan, which is designed to help pull the economy out of the worst recession in decades. President Barack Obama is still pressing to have the stimulus measure on his desk for signing by the middle of this month.
Investors are also awaiting a Tuesday speech by Treasury Secretary Timothy Geithner outlining the Obama administration's plan to overhaul the government's $700 billion financial bailout package passed by Congress last fall. Geithner had been scheduled to announce the plan Monday, but the White House pushed back the speech to focus on the stimulus bill.
| BARCLAYS PLC  NYSE:BCS Updated: 16:00 ET 6.21 -0.78 |
| DELPHI CORP Other OTC:DPHIQ Updated: 15:59 ET 0.069 +0.0015 |
``The delay in the Geithner announcement means the markets are going to have to wait another 24 hours, and markets don't wait very well,'' said Alan Gayle, senior investment strategist at RidgeWorth Investments. ``The delay only raises anxiety.''
Amid the anticipation over the government's plans there were stark reminders that an economic recovery is still far off.
Nissan Motor Co. said it will slash 20,000 jobs, or 8.5 percent of its global work force, over the next year to cope with what the Japanese automaker expects will be its first annual loss in nine years.
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