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U.S. stocks open lower as oil retreats

Xinhua, February 1, 2016 Adjust font size:

U.S. stocks opened lower Monday as a renewed decline in oil prices dampened investor sentiment.

Oil prices traded about 3 percent lower in the early trading on Monday after last week's solid gains, as worries about global growth continued to weigh on the market.

On the economic front, U.S. personal income increased 42.5 billion U.S. dollars, or 0.3 percent, and disposable personal income increased 37.8 billion dollars, or 0.3 percent, in December, according to the Commerce Department Monday.

Meanwhile, investors were also sifting through the U.S. real gross domestic product (GDP) report for the fourth quarter of 2015.

U.S. real GDP increased at an annual rate of 0.7 percent in the fourth quarter of 2015, according to an advanced estimate released by the Commerce Department Friday. In the third quarter, real GDP increased 2.0 percent.

Overseas, China's manufacturing activity contracted for the sixth straight month in January, signaling persistent weakness.

China's purchasing managers' index (PMI) came in at 49.4, down from December's 49.7, the National Bureau of Statistics (NBS) and the China Federation of Logistics and Purchasing reported Monday.

Shortly after the opening bell, the Dow Jones Industrial Average fell 69.17 points, or 0.42 percent, to 16,397.13. The S&P 500 lost 11.40 points, or 0.59 percent, to 1,928.84. The Nasdaq Composite Index decreased 29.83 points, or 0.65 percent, to 4,584.12.

On Friday, U.S. stocks posted solid gains, as the Bank of Japan unexpectedly decided to implement a negative interest rate policy. Endi