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US Stocks Lower After Bad Economic Data in Europe

Traders work on the floor of the New York Stock Exchange
(Photo by Allison Joyce/Getty Images)

NEW YORK (AP) – Stocks are opening lower on Wall Street after some gloomy economic data from Europe.

Just after the opening bell, the Dow Jones industrial average is down 53 points at 13,526. The Standard & Poor’s 500 index is down seven at 1,453, and the Nasdaq composite index is off 28 at 3,152.

An index of German business confidence has fallen for a fifth straight month. Germany is the powerhouse of the European economy, but some economists think it’s headed for a recession.

In the U.S., Apple is opening lower after selling 5 million of its iPhone 5s in three days. Some analysts were looking for a higher number. Apple is starting the day off about 2 percent, down $14 at $687.

Copyright 2012 by The Associated Press. All rights reserved. Material may not be redistributed.

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