Stocks open lower after poor news from Europe

Staff Writer
Columbus CEO

NEW YORK (AP) — U.S. stocks fell in early trading on disappointing economic news from Europe and lower oil prices.

A report on German business confidence showed a sixth straight month of declines on Monday. Germany is Europe's largest economy.

A separate report from the European Central Bank showed that 13 of the region's 130 biggest banks failed a review of their finances.

The Dow Jones industrial average fell 37 points, or 0.2 percent, to 16,767 as of 9:31 a.m. Monday.

The Nasdaq declined 14 points, or 0.3 percent, to 4,469. The Standard & Poor's 500 index slipped four points, or 0.2 percent, to 1,959. Energy companies led losses as oil fell below $80 a barrel in New York.

Brazil's stock market is falling after a candidate favored by business lost the presidential race.