Investors Take Some Profits After Last Week's Rally

NEW YORK, Sept. 24 -- Wall Street retreated Monday, taking a break from last week's big advances, as financial stocks fell over fresh concerns about soured loans.

The Dow Jones industrial average fell 61.13, to 13,759.06. The Standard & Poor's 500-stock index fell 8.02, to 1517.73. The Nasdaq composite index fell 3.27, to 2667.95.

With little new data to go on Monday, investors' enthusiasm weakened by mid-session, and sectors from banks to homebuilders showed declines, though technology stocks fared better. Stocks began to give up their gains after the International Monetary Fund warned that the credit upheaval hurting international financial markets would likely be "protracted" and dampen global economic growth.

"I think you're seeing some profit-taking after last week's rally," said Scott Fullman, director of investment strategy at Israel A. Englander & Co. "You have consumer confidence that is something being closely watched, and you're seeing a general end-of-quarter nervousness."

Bonds edged higher, with the yield on the benchmark 10-year Treasury note falling to 4.62 percent from 4.63 percent late Friday. Treasury prices have fallen since last week's rate cut as investors moved back into stocks.

The dollar fell against major currencies, hitting a new low against the euro.

Oil prices fell as a tropical depression in the Gulf of Mexico dissipated without causing damage to key oil and gas operations. A barrel of light, sweet crude oil closed at $80.95, down 67 cents, on the New York Mercantile Exchange.

Movers

---

Pulte Homes fell $1.06, to $15.10.

General Motors fell 20 cents, to $34.74. Thousands of UAW workers walked off the job as negotiations between the union and GM bogged down, mainly over job security.

Ford Motor rose 25 cents, to $8.48. Ford was in talks with potential buyers of the company's Jaguar and Land Rover brands. Ford also began operations of its newest joint-venture factory in China to produce the Ford and Mazda brands.

Dell rose 11 cents, to $27.87. The computer maker plans to set up retail operations in China by selling computers through an electronics-store chain.