Stocks Open Lower as Economic Worries Linger

Stocks fell ahead of a likely to be weak construction report and due to uncertainty about the policies of an incoming Obama administration. Meanwhile, fighting between Israel and Gaza as well as stalled energy negotiations between Russia and Ukraine kept investors nervous. The Dow lost nearly 100 points to 8944 while Nasdaq dropped nearly 25 points to 1607.

On the upside

Steve Jobs has hormonal imbalance causing weight loss, but is expected to remain CEO of Apple (Nasdaq: AAPL).

An analyst upgraded Northrop Grumman (NYSE: NOC) citing its diversified mix of businesses and a strong balance sheet.

Asian stocks rose in overnight trading. Shares of iShares FTSE/Xinhua China 25 Index (NYSE: FXI) posted modest gains.

On the downside

Surgical equipment maker Conmed (Nasdaq: CNMD) lowered its 4th quarter outlook blaming a strong dollar and weak hospital demand domestically.

An analyst downgraded Helen of Troy (Nasdaq: HELE) blaming the economy for weak consumer demand for the company's hair care appliances.

Bernstein Research downgraded the telecommunications sector due to slower wireless growth. Shares of AT&T (NYSE: T) and Verizon Communications (NYSE: VZ) fell.

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 4 on the NYSE and by nearly 2 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks dropped 8 points to 497.