FILE - In this Nov. 11, 2010 file photo, specialist Glenn Carell, right, works at his post on the floor of the New York Stock Exchange.
FILE - In this Nov. 11, 2010 file photo, specialist Glenn Carell, right, works at his post on the floor of the New York Stock Exchange.
Stocks are opening lower following disappointing news on housing prices and more worries about the debt crisis in Europe.
The Standard & Poor's/Case-Shiller index showed that home prices are falling faster in the nation's largest cities. The home-price index fell 0.7 percent in September from August. Eighteen of the 20 cities recorded monthly price declines.
European markets were also lower. Asian markets fell on growing expectations that China will have to raise interest rates to keep inflation in check.
At the opening, the Dow Jones industrial average is down 92, or 0.8 percent, at 10,957. The Standard & Poor's 500 index is down 11, or 0.9 percent, at 1,1177, while the Nasdaq composite index is down 25, or 1 percent, at 2,500.26.
THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.
NEW YORK (AP) ? Stocks are headed to a slightly lower opening following disappointing news on housing prices and more worries about the debt crisis in Europe.
Standard & Poor's S&P/Case-Shiller index showed that home prices are falling faster in the nation's largest cities. The home-price index fell 0.6 percent in September from August. Eighteen of the 20 cities recorded monthly price declines.
European markets were also lower, and the euro briefly fell below $1.30 for the first time since mid-September, as traders expressed concern that Portugal or possibly Spain will have to seek outside help to deal with their debts.
Ahead of the opening bell, Dow Jones industrial average futures are down 77, or 0.7 percent, at 10,962. Standard & Poor's 500 futures are down 10, or 0.8 percent, at 1,1176. Nasdaq 100 futures are down 21, or 1 percent, at 2,124.
Asian markets fell on growing expectations that China will have to raise interest rates to keep inflation in check. The FTSE 100 index of leading British shares was down 0.3 percent, while Germany's DAX fell 0.3 percent. Japan's Nikkei fell 1.9 percent and Hong Kong's Hang Seng fell 0.7 percent.
In corporate news, shares of Baldor Electric Co. jumped after the Fort Smith, Ark.-based maker of industrial motors said it had agreed to be acquired by Zurich-based ABB Ltd. for $63.50 a share, well above Baldor's closing price of $45.11 on Monday. Baldor was changing hands at $63.25 in pre-market electronic trading.
Meanwhile, Google Inc. fell about 1.2 percent to $574.60 in pre-market trading after European regulators launched an investigation into whether the company abused its dominant position in the online search market. It was the first major probe into the online giant's business practices.
Merck & Co. was relatively unchanged after the company named Kenneth C. Frazier chief executive to succeed retiring Richard T. Clark as of Jan. 1. But Barnes & Noble Inc. fell 1 percent to $14.70 after the nation's largest traditional book seller reported earnings that missed analysts' expectations.
U.S. investors will get additional news on the economy later this morning. The Conference Board's monthly report on consumer confidence is expected to show that Americans' mood improved a bit in November amid more hopeful signs for the economy.
Economists surveyed by Thomson Reuters predict that the index will rise to 52.0 in November, up from 50.2 in October. It takes a reading of 90 to indicate a healthy economy, a level not approached since the recession began in December 2007.
Consumer confidence is watched closely by economists since consumer spending accounts for a large amount of U.S. economic activity and is critical to a strong rebound.
Source: http://www.npr.org/templates/story/story.php?storyId=126763568&ft=1&f=
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