Stocks slip at start of another big week
Stocks slid in early trading Monday on weak Chinese import data, but the big news for investors this week will come from the Federal Reserve’s meeting.
Wall Street has been speculating that the Fed may launch a third round of monetary stimulus known as quantitative easing to make borrowing cheaper and spur investment. The Fed is scheduled to meet Wednesday and Thursday.
The Dow Jones industrial average lost 17 points, or 0.1%, to 13,290 shortly after the opening bell. The broader Standard & Poor’s 500 index was down 1 point, or 0.1%, to 1,437. The Nasdaq was off 9 points, or 0.3%, to 3,127.
Last week, U.S. stocks rose more than 2% after the European Central Bank announced that it would launch an unlimited bond-buying program to ease the Eurozone’s protracted sovereign debt crisis. Stocks largely held on to their gains Friday despite a weak August U.S. employment report.
American International Group Inc. shares fell 93 cents, or 2.7%, to $33.06 in early trading. The U.S. Treasury announced Sunday that it would sell $18 billion worth of its shares in the insurance giant, which the government bailed out in 2008 during the financial crisis.
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