US stocks drop on economic, euro concerns

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IANS | 10 Jul, 2012
US stocks opened lower Monday as disappointing Asian data raised more economic concerns, Xinhua reported.

On economic front, Japan's core machinery orders dropped worse-than-expected 14.8 percent in May.

Meanwhile, June's inflation in China hit its 29-month low of 2.2 percent.

Monday is also the beginning of a new round of earning reports. Aluminum maker Alcoa was expected release its quarterly earnings after the closing bell Monday.

European situation still drove market sentiments. Yields of both Spain and Italy's bond surged recently, showing strong worries about this region.

The Dow Jones industrial average lost 17.63 points, or 0.14 percent, at 12,754.84. The Standard & Poor's 500 was down 4.64 points, or 0.34 percent, to 1,349.48. The Nasdaq Composite Index dropped 8.11 points, or 0.28 percent, to 2,929.55.