Stocks Opened Lower, Retailers Hit

U.S. stocks opened lower on Monday as weak Black Friday sales were putting pressure on retailers. The Dow Jones Industrial Average lately shed 62.69 points, or 0.35%, to 17,765.55. The S&P 500 was down 11.64 points, or 0.56%, to 2,059. The Nasdaq Composite fell 35.30 points, or 0.74%, to 4,756.33.

Even after doling out discounts on electronics and clothes, retailers struggled to entice shoppers to Black Friday sales events, putting pressure on the industry as it heads into the final weeks of the holiday season. Spending tumbled an estimated 11 percent over the weekend from a year earlier, the Washington-based National Retail Federation said yesterday.

U.S. oil prices rebounded slightly from five-year lows Monday as traders who had bet on lower prices locked in gains. Light, sweet oil for January delivery fell as low as $63.72 a barrel on the New York Mercantile Exchange, the lowest intraday price since July 2009, before rebounding to trade higher.

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