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Stocks open 2014 lower on Wall Street

FILE - In this Tuesday, Dec. 31, 2013, file photo, a trader wears glasses celebrating the new year while working on the floor at the New York Stock Exchange in New York. U.S. stock futures are under pressure Jan. 2, 2014, after markets in 2013 saw their biggest gains in nearly two decades. (AP Photo/Seth Wenig, File)

NEW YORK (AP) — Stocks are opening lower on Wall Street as the market comes off of its biggest annual gain in nearly two decades.

The Dow Jones industrial average was down 91 points, or 0.6 percent, at 16,486 in early trading Thursday.

The Standard & Poor's 500 index was down 10 points, or 0.6 percent, at 1,838 and the Nasdaq composite was down 31 points, or 0.8 percent, at 4,144.

The yield on the 10-year Treasury note edged up to 3 percent from 2.97 percent Tuesday.

Markets were closed Wednesday for New Year's Day.

The S&P 500 rose nearly 30 percent in 2013, its best year since 1997.

Macy's and Martha Stewart Living Omnimedia rose after the two companies said they ended a standoff over a breach-of-contract lawsuit involving J.C. Penney.