Stocks have pared most of their earlier losses over the course of afternoon trading on Tuesday, with the major averages well moving well off their lows for the session. The Dow and the S&P 500 have climbed back near the unchanged line, while the Nasdaq remains firmly negative.
The initial weakness came primarily as investors took profits following Monday's strong gains. However, investors had a refueled desire to buy at the close of Fed Chairman Bernanke's and Treasury Secretary Geithner's appearance before the House Financial Services Committee.
During his testimony, Geithner said the near-collapse of AIG (AIG) highlights broad failures of the U.S. financial system, and he pledged to work on improving the regulatory structure in order to prevent another similar situation.
In recent trading, the Dow has been bouncing back and forth across the unchanged line and is currently posting a modest loss, down 18.16 at 7,757.70. The Nasdaq is down 19.10 at 1,536.67 and the S&P 500 is down 3.48 at 819.44.
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