Dow Sheds 59 on Ugly Reports

Indices decline on bad news from Toyota, Walgreens
By Nick McMaster,  Newser Staff
Posted Dec 22, 2008 3:20 PM CST
A Christmas tree stands in front of the New York Stock Exchange today.   (AP Photo)
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(Newser) – Stocks fell today after Toyota warned of looming losses and Walgreen announced a reduction in profit, MarketWatch reports. Amid light trading volume, the Dow dropped 59.42 to close at 8,519.69, the Nasdaq fell 31.97, closing at 1,532.35, and the S&P 500 shed 16.25 to close at 871.63.

Walgreens posted a 10% profit loss for the quarter, citing store-openings and other costs. In a sign that the holiday shopping might not bring retailers much relief, online seasonal sales fell 1% from last year—its first decline 7 years, sales tracker ComScore reported.