U.S. stocks open lower as oil retreats
Xinhua, February 23, 2016 Adjust font size:
U.S. stocks opened lower Tuesday as a renewed decline in oil prices weighed on Wall Street.
The volatility in oil prices has dominated market sentiment recently. Oil prices fell about 2 percent in early trading Tuesday after the previous day' s solid gains, amid doubts a potential production freeze will have any impact on a supply glut.
On Monday, oil prices soared, with U.S. oil surging over 6 percent, as the International Energy Agency said U.S. shale oil production was expected to fall by 600,000 barrels per day (bpd) this year and another 200,000 bpd in 2017.
Meanwhile, investors are keeping a close eye on the fresh readings of the housing market and consumer confidence, which are scheduled for release later in the morning.
Shortly after the opening bell, the Dow Jones Industrial Average fell 58.49 points, or 0.35 percent, to 16,562.17. The S&P 500 lost 9.25 points, or 0.48 percent, to 1,936.25. The Nasdaq Composite Index decreased 23.35 points, or 0.51 percent, to 4,547.26.
On Monday, U.S. stocks posted solid gains as a strong rebound in oil prices boosted Wall Street sentiment. Endi