Stocks slipped Wednesday as investors took a breather after a two-day rally and braced for the start of earnings season.

Wall Street momentum has clearly shifted back in the direction of the bulls. After falling for seven of eight sessions, the major averages have now risen for two consecutive days, with the Dow chalking up its biggest one-day advance since August 21. 

Stocks rallied for a second day Tuesday as news that Australia has raised rates revitalized hope for the global recovery.

Stocks rallied for a second day Tuesday as news that Australia has raised rates revitalized hope for the global recovery.

Stocks rallied for a second day Tuesday as news that Australia has raised rates revitalized hope for the global recovery.

Wall Street enters the new day having broken out of the funk that saw stocks slip for seven of eight sessions - with futures pointing to a higher open Tuesday as well. 

Stocks ended lower Friday as a dismal jobs report capped a string of disappointing economic reports this week, which cast doubt on the recovery. It was the market's second straight down week in which stocks have lost more than 3 percent.

Stocks advanced Tuesday as the two-year Treasury auction was met with solid demand and the dollar retreated.

The drive for Dow 10,000 hit a bump in the road Monday as investors took a breather, sending stocks down more than half a percent at the open. Stocks remained lower after a report showed leading indicators rose for a fifth straight month.

Stocks snapped their winning streak Thursday after soaring this week to new highs for the year.

Stocks rallied for a third day Wednesday, jumping more than 1 percent, as industrial production rose for a second straight month and weakness in the dollar boosted commodity and industrial stocks.

Stocks snapped a five-day winning streak Friday as a sharp drop in oil prices and profit-taking offset an improvement in consumer confidence and a rosier outlook from economic bellwether FedEx. Still, for the week, stocks gained 1.7 percent.

Stocks closed slightly higher as a mostly positive start to earnings season was offset by the air quickly coming out of a rally in bank stocks.

Earnings season may have "officially" gotten underway with last week's release by Dow component Alcoa, but it kicks into full gear Tuesday with two very significant pre-market releases: quarterly numbers from Goldman Sachs and Dow stock Johnson & Johnson. 

Earnings season may have "officially" gotten underway with last week's release by Dow component Alcoa, but it kicks into full gear Tuesday with two very significant pre-market releases: quarterly numbers from Goldman Sachs and Dow stock Johnson & Johnson.