Stocks open amid mixed rxns

May 26, 2009
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, NEW YORK, May 26 – Wall Street stocks opened mixed Tuesday after an extended holiday weekend amid jitters over North Korea\’s latest nuclear weapons test and reported firing of two short-range missiles.

The blue-chip Dow Jones Industrial Average dipped 2.87 points (0.03 percent) in opening trades to 8,274.45 after finishing barely higher last week in choppy trading on worries over the recession-mired economy and the government\’s mounting debt.

The tech-rich Nasdaq rose 8.98 points (0.53 percent) to 1,700.99 and the broad-market Standard & Poor\’s 500 index shed 0.78 point (0.09 percent) to 886.22.

As traders returned to business following the Memorial Day holiday Monday, stocks fell in early action as geopolitical uneasiness in Asia dampened enthusiasm on Wall Street, analysts at Charles Schwab & Co said.

In addition, "there is little in the way of equity news to help soothe sentiment," they said.

Asian and European stocks were also mostly lower Tuesday amid the ableak global economic outlook and concerns over North Korea\’s nuclear test.

The UN Security Council held an emergency meeting to consider the options after Pyongyang\’s test of a nuclear device on Monday, which some estimates said was almost as powerful as the atom bombs that flattened Hiroshima and Nagasaki.

The Security Council called the test a "clear violation" of international law and immediately began working on a resolution that could impose new sanctions on the secretive North, which has now tested two nuclear bombs in three years.

The US market also digested fresh data on the beleagured housing sector with the Standard & Poor\’s/Case-Shiller home price index for 20 major cities showing a fall of 18.7 percent in March from a year earlier.
 

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