US stocks fall on worrisome signs from China

DANIEL WAGNER AP Business Writer Published:

U.S. stocks are opening lower after worrisome economic news out of China and a mixed report on the U.S. housing market.

Shares in Asia fell sharply early Tuesday after mining giant BHP Billiton said it expects Chinese demand for iron ore used in steelmaking to flatten. And home prices dropped in 45 Chinese cities.

The Commerce Department said U.S. builders started work on fewer homes in February, though they obtained more permits to build homes later in the year.

The Dow Jones industrial average is down 76 points, or 0.6 percent, at 13,163 in the first 10 minutes of trading. The Standard & Poor's 500 index is down 8, or 0.6 percent, at 1,401. The Nasdaq composite index is down 20, or 0.7 percent, at 3,058.