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U.S. stocks open lower ahead of Presidents Day

Xinhua, February 17, 2017 Adjust font size:

U.S. stocks opened lower Friday as investors were reluctant to make bullish bets ahead of the Presidents Day holiday.

U.S. stocks have posted solid gains since U.S. President Donald Trump won the presidential election, as investors bet that he would pursue massive corporate tax cuts, deregulation and infrastructure spending.

On Thursday, U.S. stocks finished narrowly mixed, with the Dow extending its record run to a sixth straight day, as Wall Street digested a batch of economic reports. Till Thursday, the Dow had risen 12.5 percent since the Election Day.

Investors became cautious after recent sharp gains, as the U.S. stock markets will be closed Monday for the Presidents Day holiday.

In corporate news, shares of Deere & Company rose about 1 percent in the early trading Friday after the construction equipment maker delivered better-than-expected quarterly results.

Shortly after the opening bell, the Dow Jones Industrial Average fell 62.89 points, or 0.30 percent, to 20,556.88. The S&P 500 lost 5.80 points, or 0.25 percent, to 2,341.42. The Nasdaq Composite Index was down 6.75 points, or 0.12 percent, to 5,808.15. Endi