US stocks open lower ahead of economic reports

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Associated Press

Posted on December 3, 2013 at 8:01 AM

Updated Tuesday, Dec 3 at 8:06 AM

NEW YORK (AP) — Stocks are opening lower on Wall Street as investors hold back ahead of economic reports that could influence when the Federal Reserve will start reducing its stimulus.

The Dow Jones industrial average fell 72 points, or 0.5 percent, to 15,937 in the first few minutes of trading Tuesday. The Standard & Poor's 500 index fell five points, or 0.3 percent, to 1,795. The Nasdaq composite fell seven points, or 0.2 percent, to 4,038.

Later Tuesday, investors will scrutinize November auto sales and on Friday the government releases its latest jobs survey. Investors are trying to anticipate when the Fed will start to wind down its huge bond-buying program, which is keeping long-term interest rates low.

The yield on the 10-year Treasury note fell to 2.78 percent from 2.80 percent.

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