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NEW YORK - WALL Street stocks skidded lower at the opening on Tuesday as troubles in European banks affected by the US real estate crisis kept traders cautious.
In opening trade, the Dow Jones Industrial Average fell 93.55 points (0.82 per cent) to 11,256.46 and the Nasdaq composite lost 19.31 points (0.84 per cent) to 2,273.67.
The Standard & Poor's 500 index retreated 11.08 points (0.87 per cent) to 1,268.92.
The banking sector remained in focus as leading Swiss bank UBS, reeling from huge subprime losses, slashed its chairman's powers and announced four boardroom changes on Tuesday, as its shares plunged to a record low point.
US banks remained under pressure amid ongoing worries about more losses and writedowns.
Meanwhile sentiment remained weak as the market closed out a weak second quarter with the main indexes down more than 10 per cent.
'The problems of the market are well known and many stocks have been beaten down,' said Mr Al Goldman at Wachovia Securities. 'We do believe a tradable bottom is close in time and price, but probably not at the moment.' -- AFP
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