Wall Street extends losses

The Dow industrials and S&P 500 each fell more than 1 percent after having advanced by 1 percent shortly after the opening bell.

GE, down nearly 5 percent, was a top drag on both the Dow and the S&P 500 after an analyst at Goldman Sachs cut the profit outlook on the manufacturer.

Uncertainty about the mechanics of a proposed $700 billion financial sector bailout for the U.S. financial sector also weighed on the market as congressional debate over the measure heated up in Washington.

The government wants to use the money to mop up bad mortgage debt from bank balance sheets and free them up to start lending again. Top economic officials, including Federal Reserve Chairman Ben Bernanke, urged swift passage of the bill in testimony before the Senate Banking Committee on Tuesday.

The Dow Jones industrial average was down 102.58 points, or 0.93 percent, at 10,913.11. The Standard & Poor's 500 Index was down 13.69 points, or 1.13 percent, at 1,193.40. The Nasdaq Composite Index was down 15.31 points, or 0.70 percent, at 2,163.67.

(Reporting by Steven C. Johnson; Editing by Kenneth Barry)