Wall Street opens lower as strong dollar weighs

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.

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