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10 May 05: US Stocks Lower As Tuesday's Trading Begins


High oil prices discouraged investors Tuesday causing U.S. stocks to drop in opening trading.

The Dow Jones Industrial Average dropped 56 points to 10,329. The S & P 500 was off seven points at 1171, and the NASDAQ fell 14 to hit 1966.

European share prices are mostly lower in midday trading. London's Financial Times index, the CAC-40 in Paris, and the DAX index in Frankfurt all dropped one-half a percent or more.

Earlier in Asia, Tokyo's Nikkei index lost 12 points to finish the day's trading at 11,159. Hong Kong's Hang Seng index dropped 67 points to close at 14,018.

The price of gold is up more than one dollar, trading at 427 dollars and 55 cents an ounce in New York.

The value of the dollar is down compared to the yen and the euro in New York trading.

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