NEW YORK: US stocks opened sharply lower Tuesday amid concerns about economic growth in China and after a mixed report on the troubled US housing construction sector.
In the first five minutes of trade, the Dow Jones Industrial Average dropped 75.23 points (0.57 percent) to 13,163.90.
The broad-market S&P 500 index lost 8.56 points (0.61 percent) to 1,401.19, while the tech-heavy Nasdaq Composite shed 21.19 points (0.69 percent) to 3,057.13.
Mining giant BHP Billiton raised growth alarms Tuesday on the slowdown in the world's second-largest economy, saying that China's iron ore demand appeared to be flattening.
"Concerns about economic growth in China are stymieing sentiment, causing the recent upward momentum for stocks to pause," Charles Schwab analysts said.
"A mixed read on US housing starts and building permits is doing little to help stocks continue their upward charge," they added.
On Monday, the Dow closed flat but the S&P 500 and the Nasdaq climbed to fresh multi-year highs, lifted in part by news of Apple's plan for a huge dividend and share buyback.
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