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Wall Street falls after sharp gains last week


    NEW YORK (Reuters) - Stocks fell in opening trading on Monday as investors took profits on strong gains racked up last week, offsetting bets that President-elect Barack Obama's plan for tax cuts will help revive the economy.

    * Obama, seeking to drum up support from both political parties, plans to propose up to $310 billion in tax cuts as part of an economic stimulus package, senior Democratic aides said on Sunday.

    * Apple Inc chief executive Steve Jobs wrote a letter aimed at dispelling investor concerns about his weight loss this year, pushing up shares of the iPod maker.

    * The Dow Jones industrial average fell 61.96 points, or 0.69 percent, at 8,972.73. The Standard & Poor's 500 Index lost 6.34 points, or 0.68 percent, at 925.46. The Nasdaq Composite Index shed 10.65 points, or 0.65 percent, at 1,621.56.

    (Reporting by Deepa Seetharaman; Editing by James Dalgleish)