US stocks dip

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WallStreet REUTERS A sign for Wall Street is seen with a giant American flag in the background across from the New York Stock Exchange.

US stocks opened slightly lower Friday after the Federal Reserve reported an unexpected decline in the nation's industrial production in October.

The Dow Jones Industrial Average was down 7.22 points (0.06 percent) at 12,535.16.

The broad-market S&P 500 edged down 0.35 point (0.03 percent) to 1,352.98, while the tech-rich Nasdaq Composite slipped 3.30 (0.12

percent) to 2,833.63.

US industrial output fell 0.4 percent in October largely due to the impact of the devastating superstorm Sandy which blasted the industry-heavy northeast at the end of the month, the Fed said.

Most analysts expected an increase of 0.1 percent. Weak for much of the year, industrial production had climbed by 0.2 percent in September after a contraction in August.

On Thursday, stocks ended slightly lower in volatile, pulled down in part by Walmart's disappointing earnings.

The Dow lost 0.23 percent, the S&P 500 lost 0.16 percent and the Nasdaq slipped 0.35 percent. - Sapa-AFP


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