Stocks fell on Wednesday on disappointment President Barack Obama provided few new clues about how his administration would shore up the economy in a major speech before Congress.

Late on Tuesday Obama sought to reassure the country it would emerge stronger from the crisis but investors found little in his speech that could help the market hold onto its attempted rebound on Tuesday from 12-year lows.

The Dow Jones industrial average <.DJI> fell 38.95 points, or 0.53 percent, to 7,311.99. The Standard & Poor's 500 Index <.SPX> was off 5.01 points, or 0.65 percent, to 768.13. The Nasdaq Composite Index <.IXIC> was down 14.73 points, or 1.02 percent, at 1,427.10.

(Reporting by Leah Schnurr; Editing by James Dalgleish)