U.S. stocks open the week with losses in cautious trading

23:23, August 30, 2010      

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U.S. stocks opened with fractional losses on Monday as investors were cautious ahead of Friday's pay-rolls data.

The Commerce Department reported before the opening bell that personal spending rose 0.4 percent in July, the biggest jump in four months. Although the reading was higher than analysts had expected, it failed to boost the market as investors were cautious ahead of the key monthly employment data due out on Friday.

Meanwhile, personal income rose 0.2 percent last month, just below the 0.3 percent growth rate economists expected.

Monday's move came after a strong rally on Friday after Federal Reserve Chairman Ben Bernanke said the central bank would take actions if the economy deteriorates significantly.

The Dow Jones industrial average slipped 11.35 points, or 0.11 percent, to 10,139.30. The Standard & Poor's 500 index fell 2.06 points, or 0.19 percent, to 1,062.53 and the Nasdaq dropped 8.83 points, or 0.41 percent, to 2,144.80.

Source: Xinhua


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