Stocks open lower on Wall Street

Wednesday, May 29th, 2013 | Finance News

NEW YORK (AP) — Stocks are opening lower on Wall Street, pushing the Dow Jones industrial average down from a record.

The Dow fell 87 points, or 0.6 percent, to 15,321 shortly after the opening bell on Wednesday.

The Standard and Poor's 500 index fell 10 points, or 0.6 percent, to 1,650.90. The Nasdaq composite dropped 15 points, or 0.5 percent, to 3,473.

There are no major economic reports scheduled on Wednesday. Strong reports on consumer confidence and housing gave stock markets a lift Tuesday.

Smithfield Foods surged 24 percent to $32.34 after the company agreed to be acquired by Shuanghui International Holdings.

The yield on the 10-year Treasury note fell to 2.16 percent. The yield, which moves opposite to its price, jumped to 2.17 percent Tuesday, its highest in more than a year.

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