US stocks drop ahead of housing sales data

New York, March 23 (IANS) US stocks opened lower Friday ahead of the release of new home sales data.

Fed Chairman Ben Bernanke was expected to make the opening remarks at a Federal Reserve conference late Friday. As of shares, among the key S&P sectors, energy sector led the laggards, slipping nearly 2 percent, Xinhua reported.

The Dow Jones industrial average lost 78.48 points, or 0.60 percent, at 13,046.14. The Standard & Poor's 500 was down 1.30 points, or 0.09 percent, to 1,391.55. The Nasdaq Composite Index dropped 4.80 points, or 0.16 percent, to 3,058.38.