Stocks Opened Lower as Investors Sought Clarity on Trump Policies

U.S. stocks opened lower on Friday as investors sought greater clarity on the upcoming economic policies of President-elect Donald Trump. The Dow Jones Industrial Average lately slid 10.79 points, or 0.06%, to 18,797.09. The S&P 500 fell 8.01 points, or 0.37%, to 2,159.47. The Nasdaq Composite shed 23.56 points, or 0.45%, to 5,185.24.

Federal Reserve Vice Chairman Stanley Fischer said the central bank has almost reached its goals for maximum employment and price stability, strengthening the case for raising interest rates.

The Organization of the Petroleum Exporting Countries pumped more crude oil last month even as the group geared up to complete a plan to cut output at its meeting at the end of this month in an effort to stabilize oil prices. OPEC’s crude oil output increased by 240,000 barrels a day in October to 33.64 million barrels a day, the group said in its monthly oil market report Friday.

Alibaba Group Holding Limited (BABA) said Thursday that sales settled through Alipay in the first five minutes of of the 2016 11.11 Global Shopping Festival, known as Singles Day, exceeded $1 billion.

J.C. Penney Co. posted a surprising decline in sales, citing softness in apparel, and lowered a key sales metric. The company’s same-store sales fell 0.8% in the quarter, down from 6.4% growth last year.