US stocks open lower after HP loss

US stocks opened lower Tuesday after Hewlett-Packard reported a quarterly loss due in part to a massive writedown, offsetting fresh data signaling recovery in the housing market.

After a triple-digit gain Monday, the Dow Jones Industrial Average fell 52.60 points (0.41 percent) to 12,743.36 in the first 15 minutes of trade (1445 GMT).

The S&P 500-stock index dropped 4.17 points (0.30 percent) to 1,382.72, while the tech-rich Nasdaq Composite slipped 6.21 (0.21 percent) to 2,909.86.

Charles Schwab & Co. analysts said stocks were lower after Dow member HP announced an $8.8 billion charge related to alleged accounting improprieties at Autonomy Corp, which HP acquired in August 2011 for over $10 billion.

On Monday, stocks scored solid gains on upbeat housing data and hopes that politicians will find a way to avoid the so-called "fiscal cliff" of automatic tax hikes and spending cuts in January.

The jump was underpinned by Apple, the most valuable public company, which took a 7.2 percent bounce to $565.73, following weeks of losses.

The Dow rose 1.65 percent, the S&P 500 added 1.99 percent) and the Nasdaq leaped 2.21 percent.

--

Get stories like this on the Yahoo app and discover more every day.
Download it now.
Loading...
 
Recent Quotes
Symbol Price Change % Chg 
Your most recently viewed tickers will automatically show up here if you type a ticker in the "Enter symbol/company" at the bottom of this module.
You need to enable your browser cookies to view your most recent quotes.
 
Sign-in to view quotes in your portfolios.

MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.108+0.001+0.93%
    AAJ.SI
    0.173+0.001+0.58%
    N21.SI
    0.83-0.02-2.35%
    Y92.SI
    3.84+0.02+0.52%
    Z74.SI
    0.96+0.01+1.59%
    G13.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.30+0.05+17.65%
    BKX.SI
    0.124+0.018+16.98%
    5H0.SI
    0.53+0.04+9.28%
    B58.SI
    0.15+0.01+8.70%
    UV1.SI
    0.65+0.05+8.33%
    BJW.SI
  • % Losers
    % Losers
    NamePriceChange% Chg
    0.245-0.030-10.91%
    BLZ.SI
    0.235-0.025-9.62%
    PA3.SI
    0.46-0.04-8.00%
    BFK.SI
    0.21-0.02-6.67%
    I49.SI
    0.30-0.02-6.25%
    BTG.SI

Market Data

  • Currencies
    Currencies
    NamePriceChange% Chg
    1.4212+0.0049+0.34%
    USDSGD=X
    1.5252+0.0001+0.01%
    EURSGD=X
    1.7784+0.0036+0.20%
    GBPSGD=X
    80.0270+0.554+0.70%
    SGDJPY=X
    5.4562-0.0182-0.33%
    SGDHKD=X
    3.1203-0.0127-0.41%
    SGDMYR=X
    9,393.0898-38.8916-0.41%
    SGDIDR=X
    4.8227-0.0141-0.29%
    SGDCNY=X
    1.0775+0.0017+0.16%
    AUDSGD=X
  • Commodities
    Commodities
    NamePriceChange% Chg
    1,209.40-6.20-0.51%
    GCG17.CMX
    17.13-0.06-0.33%
    SIH17.CMX
    91.91+0.66+0.72%
    ^XAU
    2.71+0.06+2.27%
    HGH17.CMX
    52.33+0.96+1.87%
    CLG17.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
    1.94+0.07
    ^FVX
    2.47+0.07
    ^TNX
    3.06+0.07
    ^TYX