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U.S. stocks open lower amid falling oil prices

Xinhua, May 3, 2016 Adjust font size:

U.S. stocks opened lower Tuesday as investors digested quarterly earnings reports amid falling oil prices.

Shortly after the opening bell, the Dow Jones Industrial Average fell 65.95 points, or 0.37 percent, to 17,825.21. The S&P 500 lost 9.63 points, or 0.46 percent, to 2,071.80. The Nasdaq Composite Index dipped 35.52 points, or 0.74 percent, to 4,782.08.

Before Tuesday's opening bell, Pfizer Inc. reported first quarter 2016 earnings of 3.02 billion U.S. dollars, or 49 cents a share, compared with 2.38 billion dollars, or 38 cents a share, in the same period last year.

Following the release of the better-than-expected quarterly earnings, the drug giant's shares jumped over 2 percent in early trading Tuesday.

Shares of American International Group, Inc. (AIG) dropped about 2 percent in early trading Tuesday after the U.S. insurer delivered quarterly results well below market estimates.

Oil prices, which were also in focus, continued to slide in early trading Tuesday as rising output from the Middle East renewed concerns about a global supply glut.

U.S. oil surged around 20 percent in April, the largest monthly gain in a year, helped by a weaker U.S. dollar and reduced U.S. crude output. Endi