NEW YORK — Wall Street pointed lower early today as investors reassessed a market rally a day after stocks posted their biggest gains in five months.

Some pullback was to be expected a day after the Dow Jones industrial average jumped 498 points, or 6.8 percent. Investors had extended a two-week rally as the government detailed a plan to take over up to $1 trillion in bad mortgage securities with the help of private investors. An unexpected rise in home sales also lifted the mood of traders.

With little economic data to go on, investors will again be looking to Washington for direction. The Federal Reserve's chairman and the secretary of the treasury are making a rare joint appearance at a congressional hearing to testify over bonuses at American International Group Inc.

They are also expected to face questions on details of the bad debt plan and likely will ask Congress to produce legislation that would allow the government to safely dismantle a big financial player, like AIG, without risking damage to the financial system.

Ahead of the testimony, Dow Jones industrial average futures fell 73, or 1 percent, to 7,639. Standard & Poor's 500 index futures fell 8.10, or 1 percent, to 809.20, while Nasdaq 100 index futures fell 7.50, or 0.6 percent, to 1,244.50.

On Monday, the Dow and the S&P 500 posted their biggest percentage gains since Oct. 28.