Mon, August 20, 2012
NEW YORK, Aug. 20 (Xinhua) -- U.S. stocks opened lower on Monday as concerns about the European debt crisis again took the center stage.
The stock market had gained for six straight weeks with the S&P 500 index near 4-year high. However, investors tended to be cautious after recent surge and European debt crisis again worried investors.
It is expected that the European Central Bank (ECB) would decide to intervene bond markets of European countries, helping to push down borrowing costs. However, Germany's central bank warned that the ECB should not share the "solvency risks" in eurozone, adding uncertainties to the European debt crisis.
Also caught investors' attentions, the Federal Reserve will begin a two-day monetary policy meeting on Tuesday. Investors still expected that the central bank would launch further monetary stimulus policies.
Shortly after the opening bell, the Dow Jones industrial average lost 27.63 points, or 0.21 percent, at 13,247.57. The Standard & Poor's 500 was down 3.27 points, or 0.23 percent, to 1,414.89. The Nasdaq Composite Index lost 9.69 points, or 0.33 percent, to 3,066.90.
