Wall Street opens lower as strong dollar weighs

The Wall Street sign outside the New York Stock Exchange in New York.
The Wall Street sign outside the New York Stock Exchange in New York.PHOTO: AFP

WASHINGTON (AFP) - US stocks opened lower Thursday following a drop in durable goods orders and a decline in oil prices.

Five minutes into trade, the Dow Jones Industrial Average was at 17,405.34, down 97.25 points (0.56 percent).

The broad-based S&P 500 fell 13.93 (0.68 per cent) to 2,022.78, while the tech-rich Nasdaq Composite Index dropped 30.93 (0.65 per cent) to 4,737.93. US durable goods orders fell 2.8 percent in February, dragged down by a one month slump in sales of new aircraft, according to government data.

Oil prices were also lower for a second straight day following a big increase in US inventories reported Wednesday. WTI crude, the US benchmark contract, fell S$1.21 to S$38.58 a barrel early Thursday.