With Fed rate decision looming, stocks drift lower

With Fed rate decision looming, stocks drift lower

NEW YORK (AP) — U.S. stocks are opening slightly lower following some mixed economic news out of China.

The Dow Jones industrial average slipped 51 points, or 0.3 percent, to 16,381 as of 9:35 a.m. Eastern time Monday.

The Standard & Poor's 500 index gave up five points, or 0.3 percent, to 1,955.

p>The Nasdaq composite declined five points, or 0.1 percent, to 4,816.

Raptor Pharmaceuticals plunged 25 percent after the drug developer said its liver disease treatment failed to meet a key goal in a study.

Traders are looking ahead to a Federal Reserve meeting that begins Wednesday. The bank could raise interest rates for the first time since the financial crisis.

Bond prices rose. The yield on the 10-year Treasury note fell to 2.17 percent.

Source: “Associated Press”