posttrib
CRISP 
Weather Updates

Stocks open lower as China reins in housing

In this Monday Feb. 25 2013 phoTrader Edward Curran left works floor New York Stock Exchange. Uncertainty over outcome budget

In this Monday, Feb. 25, 2013, photo, Trader Edward Curran, left, works on the floor of the New York Stock Exchange. Uncertainty over the outcome of a budget battle in Washington pushed world stock markets lower on Monday March 4, 2013. (AP Photo/Richard Drew)

storyidforme: 45607185
tmspicid: 16901474
fileheaderid: 7609854

Updated: March 4, 2013 9:08AM



NEW YORK — Stocks are opening lower on Wall Street following a downturn in China after that country announced new steps to cool down its booming housing market.

The Dow Jones industrial average lost 44 points to 14,045 shortly after the opening bell.

The Standard & Poor’s 500 index fell two to 1,515. The Nasdaq fell five points to 3,165.

Markets fell in China after Beijing put in place taxes on housing profits.

In the U.S., automatic across-the-board cuts in government spending took effect after lawmakers and the White House failed to reach a budget compromise. Fed Chairman Ben Bernanke says the cuts will hold back economic growth.

Las Vegas Sands fell 2 percent as the company defended itself against claims that it violated a federal law prohibiting bribing foreign officials.



© 2014 Sun-Times Media, LLC. All rights reserved. This material may not be copied or distributed without permission. For more information about reprints and permissions, visit www.suntimesreprints.com. To order a reprint of this article, click here.