Investors cash in some gains from big rally
NEW YORK -- Stocks are retreating in early trading as investors cash in some of this month's big gains.
A dip in personal incomes gave investors little reason to extend Wall Street's rally. The Dow Jones industrial average has surged 21 percent in just 13 days.
The Commerce Department said Friday personal spending rose 0.2 percent in February, as expected, but personal incomes fell 0.2 percent. Economists had predicted a smaller decline.
Job cuts at Google Inc. and Johnson Controls Inc. also came as a disappointment.
In the first minutes of trading, the Dow fell 107, or 1.4 percent, to 7,817. The Standard & Poor's 500 index fell 13, or 1.5 percent, to 820, and the Nasdaq composite index fell 27, or 1.7 percent, to 1,560.
