US stocks drop on opening
US stocks fell on opening Friday after new housing numbers reinforced fears of a pending recession in the United States, reported dpa.
The Dow Jones Industrial Average was down 149.82 points, or 1.67 per cent to 8,829.44 at 9:48 am (1348 GMT). The broader Standard & Poor's 500 fell 1.54 per cent to 931.85.
Housing starts for single family homes fell to a 26-year low in September, signalling the housing downturn at the heart of the financial crisis has yet to reach bottom.
Construction of new homes fell 6.3 per cent from August to 817,000, the Commerce Department reported.