Dow down 38 on weak earnings, economic reports

NEW YORK -- The stock market has retreated from its big gain after disappointing earnings and economic reports reminded investors of the obstacles still facing the economy.

From the start of trading Tuesday, investors had a bleaker view of the recovery than they did during a rally on Monday. Procter & Gamble Co. and Dow Chemical Co. reported earnings and revenue that fell short of forecasts. And consumer spending and income figures showed that people are still very cautious with their money.

The Dow Jones industrial average fell 38, or 0.4 percent, to 10,636 after rising 208 Monday. The Standard & Poor's 500 index fell 5, or 0.5 percent, to 1,120. The Nasdaq composite index fell 11, or 0.5 percent, to 2,283.

Losing stocks were ahead of gainers by about 2 to 1 on the New York Stock Exchange. Volume was very light at 997 million shares.