(MENAFN- Saudi Press Agency) U.S. stocks were down slightly in early trading Monday, amid near-resolution in the Greece rescue extension and anticipation of the Federal Reserve (Fed) chair's remarks over the next two days.
In U.S. economic news, existing home sales dropped 4.9 percent in January, their lowest level in nine months. Fed Chair Janet Yellen will testify before both houses of Congress Tuesday and Wednesday.
In international economic news, Greece's left-wing government, led by Prime Minister Alexis Tspiras, was given a lifeline when the Eurogroup of eurozone finance ministers reached a deal to extend the country's rescue by four months. To secure the financial lifeline, however, Greece must present a list of reform proposals Monday.
In corporate news, Boeing weighed on the Dow Jones industrial average with a decline of as much as nearly 3 percent after Goldman Sachs downgraded the airplane manufacturer to 'sell' from 'neutral,' saying the firm is the most exposed in the industry to aircraft demand risk. Apple hit another all-time high, above $130 a share. The iPhone maker will spend $1.9 billion to build two new European data centers, one in Ireland and the other in Denmark.
The dollar traded higher against major world currencies. Light sweet crude oil for April delivery fell $1.16 to $49.65 a barrel on the New York Mercantile Exchange, while gold futures dropped $4.20 to $1,200.70 an ounce.
The Dow lost 31.81, or 0.18 percent, to 18,108.63. The broader Standard & Poor's 500 index declined 2.03, or 0.10 percent, to 2,108.30. The technology-heavy Nasdaq composite index fell 0.17, or 0 percent, to 4,955.80.
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