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Monday, March 7, 2016

Wall Street Update: Market open lower, drag by financial and tech

This week, the market open lower, dragged down by both financial and technology stocks, after last week's rally in Wall Street.

Wall Street opened slightly lower
The S&P 500 and Dow Jones Industrial Average has their good run last week with an upbeat jobs report on Friday, suggesting a recovering economy. However, the report was not strong enough for the Federal Reserve to consider an immediate increase in interest rates.

The Dow closed above 17,000 on Friday for the first time since January, while the S&P was just shy of 2,000, levels that traders consider psychologically important.

According to Reuters, at 9:40 a.m. ET the Dow Jones industrial average was down 32.53 points, or 0.19%, at 16,974.24, the S&P 500 was down 6.99 points, or 0.35%, at 1,993 and the Nasdaq Composite index was down 17.83 points, or 0.38%, at 4,699.19.

A string of upbeat data from major economies and stabilizing commodity prices have helped improve sentiment in 2016 after a bearish start to the year.

Investors will also keep a close eye on comments by Fed Board Governor Lael Brainard and Vice Chair Stanley Fischer, who are due to speak at separate events on Monday, for clues on the central bank's view on the economy.

Declining issues outnumbered advancing ones on the NYSE by 1,439 to 1,254. On the Nasdaq, 1,262 issues fell and 1,057 rose.

The S&P 500 index showed six new 52-week highs and one new low, while the Nasdaq recorded 10 new highs and 12 new lows.

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