Updated from 10:02 a.m. EST

Stocks in New York were feeble after President Bush delivered his last formal press conference as commander in chief, and investors braced for the kickoff of fourth-quarter earnings season.

The

Dow Jones Industrial Average

was losing 56 points at 8543, and the

S&P 500

was off by 10 points at 881. The

Nasdaq

was down 14 points at 1558.

The most recent jobs data and news of more layoffs across industries weighed on stocks Friday. For the week, the Dow lost 4.8%; the S&P gave up 4.4%; and the Nasdaq retreated 3.7%.

But this week investors will focus on earnings as the first batch of fourth-quarter reports dribble in, starting with

Alcoa

(AA) - Get Report

after Monday's market close.

Analysts surveyed by Thomson Reuters are expecting Alcoa to report a loss of 10 cents a share. Deutsche Bank

downgraded

the aluminum producer stock to sell from hold and reined in its price target by $2. Shares of Alcoa, along with

Citi

(C) - Get Report

, led the decliners on the Dow.

Chevron

(CVX) - Get Report

,

Wal-Mart

(WMT) - Get Report

and

Intel

(INTC) - Get Report

tempered expectations last week, shaking investor confidence. And Alcoa and

Boeing

(BA) - Get Report

announced they would cut thousands of workers in an effort to better handle the economic downturn.

Shares of

Harley Davidson

(HOG) - Get Report

were down sharply after Goldman Sachs downgraded the stock to sell, noting that unprecedented headwinds in global luxury motorcycle demand and credit have yet to be fully realized in the shares.

Shares of

UBS

(UBS) - Get Report

were also in retreat on reports that the bank will announce record full-year losses next month.

Reports emerged late Friday that Citi was discussing a sale of

Smith Barney

, its 11,000 financial brokerage, to

Morgan Stanley

(MS) - Get Report

.

Earlier Friday the bank announced that

Robert Rubin

, senior counsel and a director at the bank, was resigning. The former Treasury Secretary has come under fire over the past two months for his role in encouraging the New York bank's foray into toxic debt.

President-elect Barack Obama last week pledged accountability and transparency in a pitch for his administration's $800 billion economic stimulus plan, dubbed the American Recovery and Reinvestment Plan. The president elect has also promised to better monitor the

second $350 billion

of the troubled asset relief fund (TARP) -- bailout money for the financial institutions -- should lawmakers release it.

Last week, Harvard Law School Professor Elizabeth Warren, who chairs a panel charged with overseeing the TARP money, urged Congress to consider whether prospective beneficiaries will be accountable and transparent in their use of the money and whether it will be used for the purpose for which it was intended.

President Bush said Monday in his last press conference of his term that he has talked to Obama about the TARP funds and would be willing to ask lawmakers for it if the president elect needed it ready upon taking the helm.

"He hasn't asked me to make the request yet, and I don't intend to make it unless he specifically asks me to make it," said President Bush.

Meanwhile, Mideast tensions, signs that OPEC supply restrictions are being implemented and the Gazprom-Ukraine gas dispute were outweighed by concerns that the economic downturn would continue to weigh on demand.

Oil prices

fell 17% last week, and started the new week on a downward course, declining $2.23 at $38.60 a barrel.

Gold was down $28 to $827 an ounce. Longer-dated Treasuries were recently reversed; the 10-year note was adding 11/32 to yield 2.4%, and the 30-year was up 20/32, yielding 3%.

The dollar was stronger against the euro and pound, and weaker against the yen.

Overseas, the FTSE in London and the DAX in Frankfurt were both edging lower Monday, while Japan's Nikkei Hong Kong's Hang Seng ended with losses.

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