NEW YORK, May 7 (Xinhua) -- U.S. stocks opened lower on Tuesday.

The Dow Jones Industrial Average dropped 195.75 points, or 0.74 percent, to 26,242.73. The S&P 500 fell 23.18 points, or 0.79 percent, to 2,909.29. The Nasdaq Composite Index decreased 72.50 points, or 0.89 percent, to 8,050.79.

All of the 11 primary S&P 500 sectors traded lower around Tuesday's opening, with the information technology sector down over 1.1 percent, leading the losers.

Shares of Caterpillar and Boeing declined almost 1 percent and over 1.5 respectively in early trading, as the companies have high overseas revenue exposure.

Yet shares of Anadarko Petroleum slightly rose over 0.2 percent, as Occidental Petroleum raised the cash portion of its cash-and-stock bid worth 38 billion U.S. dollars for the U.S. oil and gas giant, in an effort to make Anadarko give up on a proposed acquisition by U.S. multinational energy giant Chevron.

The three major indexes recovered most of their lost ground after steep tumbles earlier on Monday.

Around Monday's close, the Dow was down 66.47 points, or 0.25 percent, to 26,438.48. The S&P 500 fell 13.17 points, or 0.45 percent, to 2,932.47. The Nasdaq Composite Index slid 40.71 points, or 0.50 percent, to 8,123.29.

More specifically, the Dow offset around 85 percent of an over 470 points initial plunge. Enditem

Related

Go to Forum >>0 Comment(s)