US Stocks trimmed its advance in afternoon session as the bears once again took back control.

At 1:16 pm ET, the Dow Jones Industrial Average fell 47.47 points, (-0.56%), to 8,449.84. The S&P 500 dropped 3.41 points (-0.39%) to 869.88. The Nasdaq Composite shrank 7.13 points (-0.47%) to 1,509.72.

Earlier, Dow hit an intraday high of 8,571 up 73.69 points or 0.85%. S&P500 and Nasdaq Composite rose 1% and 0.67% respectively.

Among Dow components, Alcoa (NYSE: AA) suffered the most. Shares of Aluminum producer fell 79 cents or 7.29% to $10.05.

Among financials, Bank of America Corp. (NYSE: BAC) subtracted lost 84 cents or 5.12% to $15.58. Goldman Sachs (NYSE: GS) sank $2.38 or 3.57% to $64.35.

Citibank (NYSE: C) fell 32 cents or 3.36% to $9.2. Earlier, shares of the bank fell to an intraday low of 8.85, down 67 cents or 7% from previous closing. Early on Monday Citigroup (NYSE: C) announced that it is plans to slash about 53,000 jobs in the near-term and to cut expenses by 20%.
General Motors was one of the few bright spots. The shares of automaker rose over 10% on bailout hopes. The company also announced on Friday that it will sell its 3% stake in Suzuki Motor Corp., raising 22.4 billion yen ($232 million).

Exxon Mobil Corp. (NYSE:XOM) added $1.73 or 2.35% to $27.64 after crude oil trimmed its earlier losses.

Among Technology, International Business Machines (NYSE: IBM) subtracted $2.58 or 3.2% to $77.65.

Shares of Target Corp. (NYSE: TGT) dropped 60 or cents 1.82% to $32.43.The retailer said on Monday that its third quarter profit  dropped 24% to $369 million  or 49 cents a share from $483 million or 56 cents in the third quarter of 2007.Revenue rose to $14.6 billion from $14.3 billion in the same period.

Lowe's Companies Inc. (NYSE: LOW) climbed $1.62 or 8.9% to $19.85 after the company reported that its net income in the third quarter fell 24% to $488 million, or 33 cents a share, from $643 million, or 43 cents, in the same quarter, a year ago. Revenue climbed 1.4% to $11.7 billion. Analysts, on average, expected the company to earn 28 cents a share in the third quarter.

The Securities and Exchange Commission filed a civil lawsuit Dallas Mavericks owner Mark Cuban, charging him for insider trading in the shares of Mamma.com in 2004.

On the front of economic data, a release by Federal Reserve on Monday showed U.S. industrial production rose unexpectedly by 1.3% in October after a falling by a revised 3.7% in September. Economists had projected industrial production to rise 0.2% in October. Capacity utilization increased to 76.4% in October.

A separate release showed New York Empire State Index fell to a record low of -25.4 in November from 24.6 in October. The index is a gauge of manufacturing activity in the region.

European stocks finished with losses on Monday. The U.K. FTSE retreated 100.81 points or 2.38% to 4,132.16. The German DAX and French CAC declined 3.25% and 2.88% respectively.

Disclosure: Author does not own any of the stocks discussed here.