Dow Falls 100 on Gloomy Data

GM, Ford fall on ratings downgrades
By Nick McMaster,  Newser Staff
Posted Dec 23, 2008 3:20 PM CST
Traders work on the floor of the New York Stock Exchange moments before the closing bell in this undated file photo.   (Getty Images)
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(Newser) – Stocks fell today amid light holiday-week trading as reports on housing and the economy reminded investors how horrid the year has been, the Wall Street Journal reports. The Dow closed down 100.28 points to close at 8,419.49. The Nasdaq fell 10.81 points to close at 1,522, while the S&P 500 fell 8.48 points, settling at 863.

The Commerce Department released the official reading of third-quarter GDP, leaving an earlier estimate of a 0.5% contraction unrevised. It also released data showing that new-home sales fell 2.9% last month to their lowest level in more than 17 years. Existing-home sales fell 8.6% over the same period. GM and Ford each fell about 14% after being downgraded by two major ratings agencies.