NEW YORK - US STOCKS slipped on lower Tuesday in opening trade as investor worried about the weak global economy, a poor start to the corporate earnings season and the health of ailing banking giant Citigroup.
The Dow Jones Industrial Average dropped 21.98 points (0.26 per cent) to 8,451.99 after the market open and the Nasdaq composite fell 3.37 points (0.22 per cent) to 1,535.42.
The broad-market Standard & Poor's 500 index shed 3.99 points (0.46 per cent) to 866.27.
The major indexes extended losses from Monday, when traders braced for the start of a quarterly earnings season expected to highlight the deepening US recession and fears mounted over the viability of Citigroup, despite US$45 billion (S$67 billion) in capital injections from the US Treasury to shore up its finances.
The Dow fell for the fourth session in a row, by 1.46 per cent, the Nasdaq skidded 2.09 per cent and the S&P 500 2.26 per cent.
After the close Monday, US aluminum giant Alcoa kicked off the corporate earnings season with a wider than expected net quarterly loss of US$1.19 billion.
'Worries about the economic outlook grow, while oil prices continue to weaken and commodities are extending losses,' analysts at Charles Schwab & Co. said on Tuesday.
Mr Ed Yardeni at Yardeni Research said that corporate earnings were dropping along with commodity prices.
'Industry analysts continue to slash their estimates,' Mr Yardeni said. -- AFP
