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U.S. stocks open lower on Greek elections

Xinhua, January 26, 2015 Adjust font size:

U.S. stocks opened lower as investors were considering implications of the Greek national election results on the euro zone economy.

Greece' s anti-bailout Radical left SYRIZA party has won Sunday' s national elections, according to the final official results released by the Interior Ministry on Monday, Speaker of Parliament Evangelos Meimarakis announced.

The new government was expected to be under pressure in coming weeks and months from Greece' s international lenders, according to analysts, as SYRIZA party leader Alexis Tsipras has pledged to reverse austerity and reform measures and push for a new write-off of part of the Greek sovereign debt.

Investors will also focus on the Federal Reserve' s two-day policy meeting starting on Tuesday for any clues on the timing of its interest rate hike.

Shortly after the opening bell, the Dow Jones Industrial Average dropped 59.56 points, or 0.34 percent, to 17,613.04. The S&P 500 fell 7.20 points, or 0.35 percent, to 2,044.62. The Nasdaq Composite Index was down 15.54 points, or 0.33 percent, to 4,742.34.

U.S. stocks closed mixed Friday after a four-session winning streak, but the three benchmark indices still capped last week with gains, as investors embraced the European Central Bank's stimulus plans while brushing aside weak fourth-quarter earnings. Endi