Stocks Fall as New Year Begins
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iStock/Thinkstock(NEW YORK) — Stocks are falling as the New Year begins.
The Dow Jones Industrial Average dropped 331.34 Monday to 17,501.65. The Nasdaq fell 74.24 to 4,652.57, and the S&P 500 fell 37.62 to 2,020.58.
Holiday sales, cheap gas prices, and low interest rates pushed U.S. auto sales to big gains in December, helping the industry close out a strong year, with several brands setting sales records.
Fiat Chrysler led the way, selling just over 2 million cars and trucks for a 16% increase over 2013. Nissan and Honda reported U.S. sales gains in December, helping to push both Japanese automakers to record numbers for 2014.
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