US stocks open lower as global equities fall

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IANS | 07 Dec, 2017
US stocks opened lower on Wednesday as market sentiment was dented by a global woe in equities.

Shortly after the opening bell, the Dow Jones Industrial Average lost 15.77 points, or 0.07 per cent, to 24,164.87. The S&P 500 decreased 9.87 points, or 0.37 per cent, to 2,629.57, Xinhua news agency reported.

The Nasdaq Composite Index was down 18.45 points, or 0.27 per cent, to 6,743.77.

European stocks fell broadly on Wednesday, with German Dax and the French CAC 40 index falling more than 0.5 per cent.

In Asia, Japan's Nikkei 225 and Hong Kong's Hang Seng index both dropped two per cent. The Shanghai composite also fell 0.3 per cent.

Meanwhile, investors have kept an eye on the progress of the US tax reform.

The US Senate on Saturday morning passed the Republican bill to overhaul the tax code in decades, moving one step closer to the first major legislative victory of the Trump administration and congressional Republicans.

Analysts said that market sentiment has been boosted by the prospect of the tax bill, sending the Dow Jones Industrial Average to record highs earlier this week.