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U.S. stocks open lower amid declining oil prices

Xinhua, February 8, 2016 Adjust font size:

U.S. stocks opened lower Monday as crude prices extended the loss.

Oil prices plunged as market expected the global supplies to exceed the demand.

Investors also digested recent U.S. economic data. Following Friday' s jobs report, there' s a lot of uncertainty weighing on markets.

The U.S. Labor Depart reported Friday that total nonfarm payroll employment rose by 151,000 in January, well below market consensus of 188,000.

The unemployment rate, however, edged down to 4.9 percent in January, dipping below 5 percent for the first time since 2008.

In January, average hourly earnings for all employees on private nonfarm payrolls increased by 12 cents to 25.39 U.S. dollars, beating market estimates. Over the year, average hourly earnings have risen by 2.5 percent.

Shortly after the opening bell, the Dow Jones Industrial Average edged down 273 points, or 1.7 percent, to 15,928. The S&P 500 fell 35 points, or 1.86 percent, to 1,845. The Nasdaq Composite Index lost 95 points, or 2.2 percent, to 4,263.

U.S. stocks suffered big losses last Friday, as Wall Street meditated on a batch of weaker-than-expected economic reports. Endit