NEW YORK —
U.S. stocks are slipping in early trading Monday following a surge late last week.
The Dow Jones industrial average fell 20 points at 13,573 in the first half-hour of trading. The Standard & Poor’s 500 fell three points to 1,463.The Nasdaq composite lost nearly 11 points to 3,173.
U.S. stocks are coming off a rally last week that sent the S&P 500 to its highest level in nearly five years. The Federal Reserve on Thursday announced new measures to encourage people to borrow and spend more. Many believe central banks in Europe and Asia will follow suit.
In European trading, Germany’s DAX is down 0.2 percent while France’s CAC-40 dropped 0.6 percent.
Apple rose $7 to $698.35, a new high. The stock market’s most valuable company said that preorders for its iPhone 5 are running at double the level of preorders for the previous version.
In economic news, the September Empire State Manufacturing Survey suggested that conditions for New York manufacturers continued to weaken.
The general business conditions index slipped five points to minus 10.4, its second consecutive negative reading. The new orders index fell nine points to minus 14.0, its third straight negative reading. Both reached their lowest levels in almost two years.
Also on Monday, China filed a World Trade Organization case challenging U.S. anti-dumping measures on billions of dollars of kitchen appliances, paper and other goods, further straining trade relations as global demand weakens.
Earlier, the Obama administration said it would file its own WTO case this week. It says China improperly subsidizes exports of cars and car parts.
On Tuesday, the National Association of Home Builders releases its survey for September sales. The government follows on Wednesday with data on both housing starts and existing home sales.
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