Stocks fell on Tuesday, with a sharp decline in General Motors Corp. dragging down the Dow, while broader indexes fell slightly in an end-of-year malaise.
The Dow Jones Industrial Average fell 30.98, or 0.3 percent, to 10,805.55. The S & P; 500 slipped 0.30, or 0.02 percent, to 1,259.62. The Nasdaq Composite Index fell 0.32, or 0.01 percent, to 2,222.42.
Local movers were led by Arden Group Inc., which gained 1.4 percent to $90.78, and Ryland Group Inc., which rose 1.7 percent to $74.25. On the down side, UTI Worldwide Inc. dropped 3.2 percent to $87.37 and shares of J2 Global Communications Inc. dipped 1.7 percent to $45.76.
Shares of Occidental Petroleum Corp. rose 1.9 percent to $83.13 after the Los Angeles-based oil company was buoyed by rising oil prices, which edged up 64 cents to settle at $57.98 a barrel on the New York Mercantile Exchange. The first increase in four days was ahead of a Department of Energy report that is expected to show a dip in U.S. petroleum inventories.
DTS Inc. jumped 4.2 percent to $14.48 after its stock was rated "strong buy" in new coverage by Brean Murray Carret & Co. The price target was set at $18 per share.
Diodes Inc. fell 7.6 percent to $31.50 after the stock rating for the maker of semiconductor devices was cut to "hold" from "buy" by A.G. Edwards & Sons Inc.
Edison International lost 2.4 percent to $44.81 after the Rosemead-based electric energy supplier's stock rating was downgraded to "hold" from "buy" by Jefferies & Co. The 12-month price target was set at $48 per share.
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