WALL STREET Indexes fall in light, post-holiday session

Trading volume is also likely to be low next week because of New Year's Day.
NEW YORK (AP) -- Wall Street pulled back Friday in light, uneventful trading as investors extended their Christmas holidays. Much of the day's activity was driven by company or industry specific news rather than any broader market trends.
The Dow Jones industrials fell more than 100 points, but analysts were unconcerned, noting that the lack of trading volume made the market's indexes more susceptible to fluctuations.
"A lot of this is just low volume trading following the holiday," said Subodh Kumar, chief investment strategist for CIBC World Markets. "The market had a good run this fall, and we're waiting for earnings reports next month. That combined with the holiday is creating sideways trading."
The numbers
The Dow closed down 128.83, or 1.5 percent, at 8,303.78, according to preliminary calculations.
Broader indexes also retreated. The Nasdaq composite index lost 19.43, or 1.4 percent, to 1,348.46, while the Standard & amp; Poor's 500 index fell 14.24, or 1.6 percent, to 875.42.
For the week, the Dow fell 2.4 percent, the Nasdaq lost 1.1 percent and the S & amp;P declined 2.3 percent -- giving the markets their third losing week out of the past four.
The session's lackluster tone reflected the fact that many participants had yet to return to work following Christmas. Trading volume is also likely to be low next week in advance of New Year's Day.
Gainers and losers
Investors sent shares of Lockheed Martin up 80 cents to $57.70 on news that Poland had agreed to buy 48 F-16 aircraft in a deal worth $3.5 billion.
But PepsiCo dropped 74 cents to $41.67 on news that a federal appeals court had upheld the dismissal of the soft drink company's lawsuit against Coca-Cola. Pepsi had alleged that Coke illegally controlled the market for fountain drinks by requiring soda distributors it dealt with to sell only Coke products to movie houses, restaurants and other retailers. Coca-Cola shares fell 68 cents to $43.47.
Energy stocks also fell back amid continued unrest in Venezuela, one of the world's key oil producers, and ongoing terrorism fears. ExxonMobil slipped 68 cents to $34.64, while Schlumberger fell 83 cents to $41.92.
And retailers slipped in response to what appeared to be one of the most disappointing holiday shopping seasons in years. Federated Department Stores lost 14 cents to $27.52. Wal-Mart, which said Thursday it would fall short of its goal for sales in stores open at least a year, dropped 60 cents to $49.16.
No Santa rally
Analysts said it does not appear Wall Street will get the year-end, last-minute surge of buying known as a Santa Claus rally, but said that's not a problem for the market.
"Investors are just relieved that the year is over," said Jack Caffrey, equities strategist at J.P. Morgan Private Bank.
Also Friday, the Commerce Department reported sales of new single-family homes came in at a seasonally adjusted annual rate of 1.07 million in November, the highest monthly level on record and a 5.7 percent increase from October. Economists attributed the gains to low interest rates, which have made it cheaper to borrow money to finance home purchases.
Declining issues outnumbered advancers more than 2 to 1 on the New York Stock Exchange. Volume was light.