US.stocks lower after last week's gain

U.S. stocks opened higher on Monday as investors took profit from last week's strong rally. Apple announced a quarterly dividend of 2.65 U.S. dollars a share, the first time for the company since 1995. The iPhone maker also launched a 10 billion dollar share repurchase program, which will be executed over three years. On the economic front, the National Association of Home Builders will release Housing market index for March later Monday. The figure had gained for five consecutive months. Investors tended to be cautious and took profit from last week's strong gains, which weighed on the market as three major indexes opened lower. The Dow Jones industrial average lost 19.98 points, or 0.15 percent, at 13,212.64. The Standard & Poor's 500 was down 1.10 points, or 0.08 percent, to 1,403.07. The Nasdaq Composite Index dropped 2.99 points, or 0.10 percent, to 3,052.27.