Stocks open lower as China reins in housing

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Associated Press

Posted on March 4, 2013 at 9:07 AM

Updated Monday, Mar 4 at 10:02 AM

NEW YORK (AP) — Stocks are opening lower on Wall Street following a downturn in China after that country announced new steps to cool down its booming housing market.

The Dow Jones industrial average lost 44 points to 14,045 shortly after the opening bell.

The Standard & Poor's 500 index fell two to 1,515. The Nasdaq fell five points to 3,165.

Markets fell in China after Beijing put in place taxes on housing profits.

In the U.S., automatic across-the-board cuts in government spending took effect after lawmakers and the White House failed to reach a budget compromise. Fed Chairman Ben Bernanke says the cuts will hold back economic growth.

Las Vegas Sands fell 2 percent as the company defended itself against claims that it violated a federal law prohibiting bribing foreign officials.

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