US stocks open lower as earnings loom

Written By Unknown on Senin, 07 Januari 2013 | 22.33

US stocks have opened lower as profit taking and caution ahead of the looming earnings season took hold in the wake of the bullish week that opened the new year on the markets.

Five minutes into trade on Monday, the Dow Jones Industrial Average was down by 61.93 points, or 0.46 per cent, at 13,373.28.

The broad-based S&P 500 fell 6.69 points, or 0.46 per cent, to 1,459.78.

The tech-heavy Nasdaq Composite lost 14.00 points, or 0.45 per cent, to 3,087.66.

Bank of America shares added 0.2 per cent to $US12.13 after it announced an $US11.6 billion ($A11.1 billion) deal to settle long-standing mortgage claims from Fannie Mae, and the sale of servicing rights on $US306 billion worth of mortgages.

Nationstar Mortgage, one of the buyers of the servicing rights, gained 13.8 per cent.


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