Stocks fell Monday, retreating after last week's rally, as investors considered President-elect Barack Obama's economic stimulus plan, plunging monthly auto sales, and rising oil prices. Obama met Monday with congressional leaders from both political parties to advocate his economic stimulus plan. The package includes $300 billion in tax cuts for individuals and businesses and provisions for renewable-energy production and road and school construction. Automakers reported December results Monday. Ford Motor Company said sales fell 32 percent in the month. General Motors said sales fell 31 percent, Toyota reported a 37 percent drop, and Chrysler reported that sales fell 53 percent. In economic news, U.S. construction spending in November fell less than expected, dropping 0.6 percent after falling 0.4 percent in October. Light sweet crude oil for February delivery rose $2.47 to $48.81 a barrel on the New York Mercantile Exchange. The U.S. dollar gained versus the euro and the yen. The Dow Jones industrial average fell 81.80, or 0.9 percent, to 8,952.89. On Friday, the index rose above 9,000 for the first time in two months. The broader Standard & Poor's 500 index fell 4.35, or 0.5 percent, to 927.45. The technology-heavy Nasdaq composite index fell 4.18, or 0.3 percent, to 1,628.03. A conference for Apple computer users started in San Francisco on Monday, with Apple expected to unveil new products. Ahead of the presentation, chief executive Steve Jobs said his recent weight loss has been traced to a hormone imbalance for which he is being treated. The New York Stock Exchange composite index was little changed, falling 7.30 to 5,908.43. The American Stock Exchange composite index rose 16.93 to 1,461.22. And the Russell 2000 index fell 0.81 to 505.03.
