US: Stocks fall on lower oil, durable goods orders

[NEW YORK] 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 per cent).

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 per cent 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 $1.21 to $38.58 a barrel early Thursday.

AFP