Stocks down slightly, investors shrug off eurozone fears
By ALEX VEIGA (AP)
U.S. stocks edged lower in early trading Monday as investors shrugged off an election victory by a party in Greece opposed to that country's bailout plan. Traders also pored over the latest batch of company earnings.
KEEPING SCORE: The Dow Jones industrial fell 58 points, or 0.3 percent, to 17,614 as of 9:54 a.m. Eastern time. The Standard & Poor's 500 shed six points, or 0.3 percent, to 2,045. The Nasdaq composite slipped 14 points, or 0.3 percent, to 4,743.
SECTOR VIEW: All of the 10 sectors in the S&P 500 moved lower, with telecommunications stocks dropping the most. Seagate Technology notched the biggest decline, shedding $6.32, or 9.9 percent, to $57.56. MeadWestvaco climbed the most, gaining $8.23, or 18.3 percent, to $53.27.
TOYLAND TURNOVER: Mattel shares slid 5 percent on news that CEO Bryan Stockton resigned after about three years of leading the struggling toymaker. Mattel also reported preliminary fourth-quarter results that fell short of Wall Street expectations. The stock fell $1.23 to $26.75.
MARKETS OVERSEAS: In Europe, Germany's DAX rose 0.9 percent, while the CAC-40 in France rose 0.3 percent. The FTSE 100 index of leading British shares was down 0.5 percent, underperforming its main European peers partly because Britain isn't in the 19-country eurozone.
ELECTION AFTERMATH: In Greece, the main stock market recouped some of its early losses to trade 3 percent lower, a sign that investors are not as jittery as they may have been in the initial aftermath of the left-wing Syriza party's election victory on Sunday. Syriza has vowed to end Greece's painful austerity policies.
ASIA SCORECARD: Most Asian markets narrowed their early losses with Chinese stocks turning higher. Japan's Nikkei 225 finished 0.3 percent lower, while South Korea's Kospi was flat. Hong Kong's Hang Seng closed 0.2 percent higher. China's Shanghai Composite jumped 0.9 percent.
ENERGY: Benchmark U.S. crude oil fell 22 cents to $45.37 a barrel in electronic trading on the New York Mercantile Exchange. The price of oil has fluctuated since the death of Saudi Arabia's King Abdullah late last week. Analysts said the king's death is unlikely to change Saudi's oil production levels, a key factor in the global prices, but it has created a small amount of additional uncertainty that has unsettled markets.
BONDS: U.S. government bond prices fell. The yield on the 10-year Treasury note rose to 1.81 percent.