BUSINESS

US stocks open lower after S&P Case-Shiller index reports housing prices dropped

12/27/2011 09:58 EST | Updated 02/26/2012 05:12 EST
NEW YORK, N.Y. - Stocks are opening lower slightly following a report that home prices fell in major U.S. cities.

The Standard & Poor's/Case-Shiller of home prices dropped in October in 19 of the 20 cities it tracks. It was a second straight declining month, further evidence of a bumpy housing recovery.

Markets were closed Monday in observance of Christmas. They opened Tuesday with thin trading in the last week of the year.

The Dow Jones industrial average is down 23 points, or 0.2 per cent, at 12,270 in early trading. The S&P 500 is down 3, or 0.2 per cent, at 1,262. The Nasdaq is down 7, or 0.3 per cent, at 2,611.