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
    NamePriceChange% Chg
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    EURSGD=X
    2.1034-0.0007-0.03%
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    SGDJPY=X
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    SGDMYR=X
    9,117.6924-1.1699-0.01%
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    4.9710+0.0006+0.01%
    SGDCNY=X
    1.1678-0.001-0.09%
    AUDSGD=X
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    1,294.00-7.90-0.61%
    GCQ14.CMX
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    90.18-0.65-0.72%
    ^XAU
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    CLK14.NYM
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    Bonds
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MARKET MOVERS

  • Most Actives
    Most Actives
    NamePriceChange% Chg
    0.116+0.001+0.87%
    B22.SI
    0.129+0.004+3.20%
    545.SI
    2.20+0.010+0.46%
    JS8.SI
    0.143+0.004+2.88%
    5GB.SI
    1.27+0.015+1.20%
    N21.SI
  • % Gainers
    % Gainers
    NamePriceChange% Chg
    0.26+0.045+20.93%
    5UE.SI
    0.16+0.010+6.67%
    A03.SI
    0.735+0.040+5.76%
    L02.SI
    1.365+0.065+5.00%
    U5S.SI
    0.485+0.020+4.30%
    5UL.SI
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    % Losers
    NamePriceChange% Chg
    0.565-0.025-4.24%
    G08.SI
    26.61-0.960-3.48%
    HD9.SI
    0.171-0.004-2.29%
    MC7.SI
    0.155-0.003-1.90%
    560.SI
    0.275-0.005-1.79%
    M1Z.SI