U.S. Markets Finish Lower On Quiet Trading Day

December 22, 2008 5:05 p.m. EST

New York, NY (AHN) - All three major indices finished lower on a day that saw light volume and very little economic or corporate news. Sellers were in control most of the session as the markets just drifted lower with no real big moves in either direction.

The Dow Jones Industrial average fell 59 points or 0.7 percent. 20 of 30 Dow components finished the session lower.

Shares of General Motors were the biggest Dow laggard, down 21.6 percent as the auto stocks were down after Toyota Motor Corp said it will likely report an operating loss for the current fiscal year, the first loss in 70 years of business.

The S&P 500 fell 16 points or 1.8 percent. All ten major economic sectors finished Monday with a loss. The financial sector posted the worst decline, finishing 4 percent lower on the session.

Tech was the worst performer with the Nasdaq Composite falling 32 points or 2 percent. Big-cap tech weighed on the sector most as the Nasdaq 100 fell 2.3 percent.

Shares of Apple finished 4.7 percent lower despite talks of an iPhone nano possibly coming out. The stock has continued to sag since the company said it would no longer participate in Macworld.

The energy sector performed the worst, down 3.6 percent as slumping crude oil prices weighed on the sector. Oil dropped $2.45 a barrel to settle at $39.91 on the New York Mercantile Exchange.

Gold prices remain strong, up 1 percent to $847.20 an ounce on Monday as investors lean toward the commodity as a safe haven.

In corporate news, Walgreen Co. announced quarterly earnings that were short of analyst estimates. The company blames the shortfall on costs related to opening 200 new stores.

Alcoa shares fell 4.8 percent after Moody's placed the aluminum maker's credit ratings under review for a possible downgrade.

Tuesday's session will see a slew of economic news. Before the open, the final reading for third quarter Gross Domestic Product (GDP) will be released.

Shortly after the market opens, data on November existing home sales will be released as well as the latest Michigan consumer sentiment reading for December.