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U.S. stocks open lower after Christmas Day

Xinhua, December 28, 2015 Adjust font size:

U.S. stocks opened lower on Monday as Wall Street eyed a renewed decline in oil prices.

Oil prices retreated in early trading after last weeks' solid rebound, as excess supply weighed on market sentiment.

As it will take years to wash out the whole supply in oil market and reach the balance point where supply meets demand, many analysts do not expect oil prices will recovery soon.

There are no major economic reports or corporate earnings due out Monday.

The U.S. stock markets were closed on Friday for Christmas Day. U.S. stocks closed narrowly mixed with thin volumes On Thursday, a shortened trading day for Christmas eve, as Wall Street assessed a continued recovery in oil prices.

Overseas, Chinese shares ended sharply lower on Monday, with the benchmark Shanghai Composite Index tumbling 2.59 percent, as China' s B-share market plunged nearly 8 percent.

Shortly after the opening bell, the Dow Jones Industrial Average fell 78.69 points, or 0.45 percent, to 17,473.48. The S&P 500 lost 7.80 points, or 0.38 percent, to 2,053.19. The Nasdaq Composite Index was down 15.62 points, or 0.31 percent, to 5,032.87. Endi