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U.S. stocks open lower ahead of Fed meeting

Xinhua, January 25, 2016 Adjust font size:

U.S. stocks opened lower on Monday as Wall Street meditated on a renewed decline in oil prices ahead of Federal Reserve' s monetary policy meeting.

The U.S. central bank will start its two-day meeting on Tuesday. Analysts expected that the Fed won' t take any rate action at this meeting amid oil weakness.

With no major economic data due out Monday, oil prices were still in focus, which witnessed wild swings last week.

Oil prices tumbled about 3 percent in the early trading on Monday as Iraq announced record-high oil production.

On Friday, oil prices soared, with both the U.S. oil and Brent crude spiking about 9 percent, as traders started to buy the dips despite persistent oversupply worries.

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.

Shortly after the opening bell, the Dow Jones Industrial Average fell 30.85 points, or 0.19 percent, to 16,062.66. The S&P 500 lost 5.25 points, or 0.28 percent, to 1,901.65. The Nasdaq Composite Index decreased 13.27 points, or 0.29 percent, to 4,577.91.

On Friday, U.S. stocks posted solid gains as further recovery in oil prices boosted investor sentiment. Endi