U.S. Stocks Open Lower Amid Higher Crude Prices

June 10, 2008 10:44 a.m. EST

New York, NY (AHN) - Wall Street investors began the trading day in a bearish mood, with all markets opening lower. Crude oil, however, began Tuesday climbing more than $2 per barrel.

After closing Monday with a 70-point increase, the Dow Jones Industrial Average opened Tuesday 36 point lower to 12,244 at 10:05 Eastern.

The broader Standard and Poor's 500 retreated 8 points to 1,352. Just prior to opening, the market was more than 12 points down.

The tech-centric Nasdaq Composite Index was losing 22 points to 2,436 after Texas Instruments reported late Monday it expects second-quarter earnings of $3.4 billion, up from $3.39 previousy predicted. The tech sector was also responding to Apple's introduction of its 3G iPhone and news exclusive U.S. carrier AT&T may lose money due to the lower-priced handsets.

Crude oil prices widened by $2.25 to $136.60 a barrel. Higher prices of crude oil contributed to the larger $60.9 billion trade deficit for April, the Commerce Department said.

Gold was trading lower, falling $16.60 to $881.50 an ounce on the New York Mercantile Exchange.