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.

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  • Currencies
    Currencies
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    1.4154+0.0028+0.20%
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    SGDMYR=X
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    SGDIDR=X
    4.4905-0.0163-0.36%
    SGDCNY=X
    0.9973+0.0063+0.64%
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    Commodities
    NamePriceChange% Chg
    1,133.10-6.70-0.59%
    GCZ15.CMX
    14.66+0.05+0.31%
    SIZ15.CMX
    46.23-0.58-1.23%
    ^XAU
    2.33+0.03+1.15%
    HGZ15.CMX
    46.05+0.64+1.41%
    CLV15.NYM
  • Bonds
    Bonds
    TreasuryYield (%)Yield Change
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    Most Actives
    NamePriceChange% Chg
    0.132+0.004+3.12%
    5DN.SI
    0.310.00-1.59%
    5WA.SI
    0.53+0.01+1.92%
    N21.SI
    0.3050.0000.00%
    E5H.SI
    3.67-0.04-1.08%
    Z74.SI
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    % Gainers
    NamePriceChange% Chg
    0.28+0.05+21.74%
    L38.SI
    0.24+0.04+21.21%
    C10.SI
    0.295+0.045+18.00%
    578.SI
    0.485+0.055+12.79%
    MN5.SI
    0.33+0.03+10.00%
    5VI.SI
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    % Losers
    NamePriceChange% Chg
    0.105-0.033-23.91%
    5DL.SI
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    5G1.SI
    0.094-0.016-14.55%
    F10.SI
    0.095-0.015-13.64%
    T77.SI
    0.14-0.02-12.50%
    T19.SI