NEW YORK (AP) — Stocks are falling in early trading after China moved to raise interest rates to combat rising inflation.
The weekend’s interest rate hike was China’s second attempt in three months to slow the pace of its economic growth. Inflation reached two-year highs in November.
A blizzard in the Northeast is likely to make this a quiet day on Wall Street. No major economic reports or corporate earnings announcements are scheduled for Monday.
After the opening bell, the Dow Jones industrial average is down 34, or 0.3 percent, to 11,540. The S&P 500 is down 4, or 0.3 percent, to 1,253. The Nasdaq composite is down 11, or 0.4 percent, to 2,654.
