US stocks drop ahead of housing sales data

U.S stocks opened lower on Friday ahead of new home sales. On the economic front, new home sales data will be reported on at 10 a.m. ET, the last major housing report this week. Meanwhile, Fed Chairman Ben Bernanke will make the opening remarks at a Federal Reserve conference late on Friday. As of shares, among the key S&P sectors, energy sector led the laggards, slipping near 2 percent. The Dow Jones industrial average lost 78.48 points, or 0.60 percent, at 13,046.14. The Standard & Poor's 500 was down 1.30 points, or 0.09 percent, to 1,391.55. The Nasdaq Composite Index dropped 4.80 points, or 0.16 percent, to 3,058.38.