NEW YORK: US stocks headed south at the opening bell Monday as traders awaited an EU summit to contain the grinding eurozone debt crisis.
In the first minute of trade, the Dow Jones Industrial Average fell 105.66 points (0.83 percent) to 12,554.80 and the tech-heavy Nasdaq dropped 26.88 points (0.95 percent) to 2,789.67.
The S&P 500, a broad measure of the markets, shed 11.97 points (0.91 percent) to 1,304.36.
"Not even rumors of an impending Facebook IPO filing can shake investors' pessimism this morning," said Karee Venema at Schaeffer's Investment Research.
"Wall Street is turning a weary eye across the pond, where European Union leaders will meet for the first time in 2012 as they continue their efforts to solidify austerity measures throughout the struggling region."
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