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U.S. stocks open lower as oil retreats

Xinhua, March 23, 2016 Adjust font size:

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

Shortly after the opening bell, the Dow Jones Industrial Average fell 47.69 points, or 0.27 percent, to 17,534.88. The S&P 500 lost 5.44 points, or 0.27 percent, to 2,044.36. The Nasdaq Composite Index was down 12.12 points, or 0.25 percent, to 4,809.54.

Oil prices tumbled in early trading Tuesday after figures from an industry group showed U.S. crude stockpiles rose last week by more than expected.

On the economic front, the seasonally adjusted Markit Flash U.S. Manufacturing Purchasing Managers' Index (PMI) came in at 51.4 in March, missing market consensus of 52.4.

In corporate news, shares of Nike Inc. dropped about 5 percent in early trading Wednesday after the company delivered quarterly earnings that slightly beat market estimates but revenues short of forecast.

After Monday's closing bell, the athletic footwear and apparel maker reported diluted earnings per share of 0.55 U.S. dollars for its fiscal 2016 third quarter, on revenue of 8 billion dollars.

Meanwhile, investors were still assessing the impacts of Monday's explosions in Brussels, Belgium, that left at least 34 people dead and scores wounded. Endi