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US Stocks Open Lower As Lagarde Warns On Growth

US Stocks Open Lower As Lagarde Warns On Growth

New York, Dec 30, 2015 (AFP) – Wall Street stocks opened lower Wednesday as International Monetary Fund chief Christine Lagarde warned of slow growth in 2016 and oil prices retreated.

Five minutes into trade, the Dow Jones Industrial Average was at 17,674.82, down 46.16 points (0.26 percent).

The broad-based S&P 500 dropped 5.50 (0.26 percent) to 2,072.86, while the tech-rich Nasdaq Composite Index fell 12.71 (0.25 percent) to 5,095.23.

Global stocks had pushed higher Tuesday, but the rally fizzled Wednesday as Lagarde cautioned that global growth would be “disappointing and patchy” in 2016.

Oil prices fell in New York on concerns that a US petroleum inventory report later in the day would be bearish. Petroleum-linked stocks fell, with Dow members ExxonMobil and Chevron both down 1.0 percent.