US stocks open lower after European elections - CBS News 8 - San Diego, CA News Station - KFMB Channel 8

US stocks open lower after European elections

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NEW YORK (AP) — U.S. stocks are opening mostly lower after angry voters in Greece and France rejected painful budget cuts.

Investors are uncertain over how the results will affect Europe's plans to rein in spending and keep the euro zone debt crisis from worsening.

The Dow Jones industrial average fell 50 points to 12,988 shortly after the opening bell. The Standard & Poor's 500 edged up less than a point to 1,369. The Nasdaq composite index was nearly unchanged at 2,956.

Greek voters expressed their anger over crippling income cuts by punishing mainstream politicians, giving no party enough votes to govern alone and leaving the parliament split. The French ousted President Nicolas Sarkozy and elected Socialist Francois Hollande, who pledged "to finish with austerity."

Copyright 2012 The Associated Press.

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