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Several traders said volume was light, which can lead to exaggerated moves.
Most of the day was simply a waiting game for investors. The first Dow component -- aluminum producer Alcoa (Fortune 500) -- reported results after the closing bell. The company , beat analysts' revenue forecasts and hit profit forecasts of 6 cents per share. Shares of Alcoa rose after hours following the earnings release.
Overall, fourth-quarter earnings for S&P 500 companies are expected to rise 3.3% from the fourth quarter of 2011, according to S&P Capital IQ.
In other corporate news, shares of Yum Brands (Fortune 500) sank nearly 4%, after the restaurant operator said its fourth-quarter sales in China would be weaker than expected due to a , controversy over food safety standards.
Netflix ( customers will have a few new options this year, thanks to a ) content deal inked with Warner Bros. Users will be able to stream complete seasons of several series produced by Warner Bros., which is owned by CNNMoney parent company Time Warner (Fortune 500). Netflix's shares closed down 2%. ,
Sears Holdings Corp. (Fortune 500) was hit hard Tuesday, dropping more than 6%, after the company announced its CEO was stepping down. Sears , chairman Edward Lampert, who's been trying to orchestrate a turnaround for the trouble retailer, will become the new CEO next month.
On the economic front, the Federal Reserve said that consumer credit continued to expand in November.
Asian markets ended lower. The Hang Seng and the Nikkei lost 0.9%, while the Shanghai Composite declined 0.4%.
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