Wall Street falls amid gloomy corporate earnings

Special Report:Global Financial Crisis

NEW YORK, Dec. 22 (Chinese media) -- Wall Street pulled back Monday as investors felt disappointed amid a deteriorating outlook for corporate earnings.

General Motors plummeted 17 percent and Ford tumbled 11 percent after Toyota slashed its earnings forecast for a second time, warning that it now expects to report an operating loss for the fiscal year through March, the first in 71 years.

Walgreen Co., the largest U.S. drugstore chain, lost ground as the company reported that its fiscal first-quarter earnings trailed estimates. Meanwhile, Monsanto tumbled as Goldman Sachs said the recession will drive down earnings at the world's largest producer of seeds.

No important economic data is scheduled for Monday and the market is expected to see light volume.

The Dow Jones fell 77.98 to 8,501.13. Broader indexes also moved lower. The Standard Poor's 500 index fell 15.92 to 871.96 and the Nasdaq fell 33.56 to 1,530.76.