NEW YORK (AP) — Stocks opened lower on Wall Street Friday, with the Dow pulling back from close to a record, as automatic government spending cuts are about to kick in.
The Dow Jones industrial average fell 35 points, or 0.3 percent, to 14,019 points as of 10 a.m. EST. The index came within 15 points of its record close of 14,164 Thursday afternoon, before momentum petered out in late trading, leaving the index lower for the day.
The Standard & Poor's 500 index was down six points, or 0.4 percent, at 1,509. The Nasdaq composite fell 17 points, or 0.5 percent, to 3,142.
Stocks have surged in recent weeks even in the face of $85 billion automatic across-the-board spending cuts that start kicking in Friday in the absence of a deal to avert them. The cuts are part of a 10-year, $1.5 trillion deficit reduction plan that was designed to be so unpalatable to both Democrats and Republican that they would be forced to compromise and reach a compromise on the budget.
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