Traders and investors said the lack of specifics from Treasury Secretary Timothy Geithner on how the government would direct more than $1 trillion in public and private support was troubling.
The latest plan calls for a government-private sector partnership to help remove banks' soured assets from their books.
The Dow Jones industrials are down 382 at 7,889. The Standard & Poor's 500 index is down 42 at 827, and the Nasdaq composite is down 66 at 1,524.
Declining stocks were ahead of advancers by about 5 to 1 on the New York Stock Exchange, where volume came to 1.76 billion shares.
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