US stocks open lower

Reported by AAP
Wednesday, May 20, 2015
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US stocks have opened lower as investors weighed mixed earnings from retailers and awaited the release of the Federal Reserve minutes of the April monetary policy meeting.

Five minutes into trade on Wednesday, the Dow Jones Industrial Average fell 29.59 points (0.16 per cent) to 18,282.80.

The broad-based S&P 500 dipped 3.18 (0.15 per cent) to 2,124.65, while the tech-rich Nasdaq Composite Index dropped 9.13 (0.18 per cent) to 5,060.91.

Discount chain Target rose 0.9 per cent after reporting first-quarter profit surged 51.6 per cent from a year ago to $US635 million ($A802 million) and raising its full-year earnings forecast.

Home improvement retailer Lowe's plunged 4.6 per cent after its first-quarter results disappointed. Office supplies chain Staples reported a 39 per cent plunge in first-quarter, citing store closures in North America and the stronger dollar. Staple slumped 2.4 per cent.

Stocks had moved little on Tuesday, with the Dow inching to a record high, after a robust US report on home construction.

Investors were keyed up for the release of the Fed minutes of the April 28-29 Federal Open Market Committee meeting, to be released in the afternoon, hoping to find insights into the Fed's plan to lift near-zero interest rates this year.

29/07/2015 12:38Sydney, Australia. 29 July,2015