US stocks sag on opening
NEW YORK: US stocks opened lower Wednesday after the previous day's jump on reports of strong progress by France and Germany on a comprehensive eurozone rescue plan.
In the first five minutes of trade the Dow Jones Industrial Average lost 4.31 points (0.04 percent) to 11,572.74.
The broader S&P 500 fell 0.73 (0.06 percent) to 1,224.65, while the tech-heavy Nasdaq Composite trimmed 11.53 points (0.43 percent) to 2,645.90.
"After rebounding to notch a triple-digit win on Tuesday, the Dow Jones Industrial Average is trading closer to breakeven this morning," said Andrea Kramer of Schaeffer's Investment Research.
"On one hand, optimists are clinging to hope that unconfirmed reports of a euro-zone rescue agreement between France and Germany are real, and are essentially shrugging off Moody's downgrade of Spain's government bond ratings."
"However, a rare earnings miss from tech titan Apple Inc. (AAPL) has deflated more than a few bulls."
Copyright AFP (Agence France-Presse), 2011
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