Stocks open lower; HP takes a hit
Stocks lower on Wall Street; HP down big after saying acquired company lied about finances
NEW YORK (AP) -- Stocks are opening lower on Wall Street. Hewlett-Packard is down after saying that a British company it bought for $10 billion last year lied about its finances.
Just after the opening bell, the Dow Jones industrial average is down 44 points at 12,751. The Standard & Poor's 500 index is off four points at 1,382. And the Nasdaq composite index is down seven at 2,908. HP is off 13 percent.
The government says builders started construction last month on the most homes and apartments since July 2008. It's more evidence that the housing recovery is gaining momentum.
On Monday, the Dow soared 207 points. Investors focused on signs over the weekend that congressional Republicans and the White House might be able to reach a deal on the federal budget.