U.S. stocks pull back on uncertainty of bailout plan

NEW YORK, Sept. 23 (Xinhua) -- Wall Street pulled back Tuesday as investors were worried about the uncertainty of U.S. government proposed bailout for financial institutions.

Treasury Secretary Henry Paulson and Federal Reserve Chairman Hank Paulson testified before Congress in Washington as the market grew concerned that the bailout plan could be delayed.

General Electric was the biggest drag on the S&P 500, falling more than 4 percent, after Goldman Sachs cut the company's profit outlook. Downgrades also hurt the shares of Bank of America, off 2.5 percent.

The Dow Jones industrial average was down 161.52 points, or 1.47 percent, to 10,854.17. The Standard & Poor's 500 Index was down 18.89 points, or 1.56 percent, to 1,188.20. The Nasdaq Composite Index was down 25.64 points, or 1.18 percent, to close unofficially at 2,153.34.