NEW YORK—Caution returned to Wall Street Monday as investors gave back some gains from last week’s rally even as they found encouragement from President-elect Barack Obama’s calls for an economic stimulus package.

Some retreat was to be expected after investors sent the Dow Jones industrial average to a two-month high on Friday; investors are wary about pouring more money into the battered market with economic data still weak and fourth-quarter earnings reports coming later this month.

Monday was expected to be the first real test of Wall Street in 2009 after many trade...

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