By Kate Gibson, MarketWatch
NEW YORK (MarketWatch) — U.S. stocks opened lower on Monday ahead of an expected announcement from the congressional supercommittee that it had failed to reach a deficit-reduction agreement.
“As we start off this holiday-shortened week, it appears that the supercommittee has completely failed to reach an agreement other than to admit to failure early, so that they can make it home for the holidays,” Marc Pado, U.S. market strategist at Cantor Fitzgerald, noted in emailed commentary.
The Dow Jones Industrial Average DJIA -1.61% fell 148.19 points to 11,705.11, with all 30 of its components losing ground.
The S&P 500 Index SPX -1.78% fell 21.15 points to 1,194.50, with energy and natural-resource firms falling hardest.
The Nasdaq Composite Index COMP -1.82% declined 43.91 points to 2,528.59.
For every stock gaining nearly a dozen fell on the New York Stock Exchange, where 67 million shares traded as of 9:40 a.m. Eastern.
Kate Gibson is a reporter for MarketWatch, based in New York.
