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US: Stocks dip on trade, eurozone data

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[NEW YORK] Wall Street stocks on Tuesday opened lower as the European Union slashed its economic forecast and the US reported a higher trade deficit.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,356.99, down 9.25 points (0.05 per cent).

The broad-based S&P 500 dipped 3.58 (0.18 per cent) to 2,014.23, while the tech-rich Nasdaq Composite Index shed 12.72 (0.27 per cent) to 4,626.19.

The EU cut its 2014 growth forecast for the 18-country eurozone to just 0.8 per cent from the previous 1.2 per cent, warning that France and Italy remain huge problems for the sluggish economy.

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The US trade deficit widened in September to US$43.0 billion as exports slowed and imports remained flat from the previous month.

Investors also awaited results from the midterm congressional elections. Analysts expect Republicans to win a majority in the Senate, giving them control of the entire Congress for President Barack Obama's final two years in office.

AFP

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