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U.S. stocks open lower on sustained Fed jitters; Dow Jones down 0.11%

Published 11/12/2013, 09:47 AM
Updated 11/12/2013, 09:47 AM
Investing.com - U.S. stocks opened lower on Tuesday, as speculation the Federal Reserve could begin scaling back its asset purchases before the year end continued to weigh on equity markets.

During early U.S. trade, the Dow Jones Industrial Average edged down 0.11%, the S&P 500 index fell 0.21%, while the Nasdaq Composite index slipped 0.17%.

Markets were jittery after official data last week showed that the U.S. economy added 204,000 jobs in October, far more than the 125,000 forecast by economists.

The upbeat data spurred heightened speculation that the Fed may start winding down its USD85 billion-a-month asset purchase program as soon as its next monthly meeting in December.

Richard Fisher, President of the Federal Reserve Bank of Dallas, said on Tuesday that the Fed's stimulus program could not continue forever.

Apple shares slipped 0.20% as the company was preparing to face a trial over claims by a California inventor that a patent he holds covers key features of the iPhone.

Separately, the tech giant was set for the retrial of a court fight against Samsung Electronics in which the iPhone maker could reportedly seek to obtain over USD411 million in damages a judge cut from a USD1.05 billion jury award in 2012 over patents.

The telecom sector was also active, as T-Mobile US plummeted 2.78% after saying it plans to sell shares valued at almost USD1.8 billion, raising money it could use to acquire wireless airwaves.

In earnings news, late Monday, News Corp. reported a 2.8% decline in first-quarter revenue, hurt by lower demand for print advertising, sending shares down 2.90%.

Other companies likely to be in focus included MBIA, Potbelly and Babcock and Wilcox, scheduled to report quarterly results later in the day.

Across the Atlantic, European stock markets were lower. The EURO STOXX 50 slid 0.36%, France’s CAC 40 shed 0.32%, Germany's DAX fell 0.17%, while Britain's FTSE 100 fell 0.21%.

During the Asian trading session, Hong Kong's Hang Seng Index dropped 0.73%, while Japan’s Nikkei 225 Index surged 2.23%.


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