Lack of ECB bond buying sends stocks lower at open

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NEW YORK (AP) — U.S. stocks are opening lower after the head of the European Central Bank said there was no existing plan for large-scale government bond purchases, as many in the markets had hoped.

ECB President Mario Draghi’s remarks came after the bank cut its benchmark interest rate and took other modest steps to help shore up Europe’s financial system. His comments also sent the euro lower against the dollar.

Retailer Costco Wholesale Co. fell 2.5 percent after reporting earnings that fell short of anlaysts’ expectations.

Minutes after the opening bell, the Dow Jones industrial average is down 40 points, or 0.3 percent, to 12,154. The S&P 500 index is down 8 to 1,253. The Nasdaq is down 20, or 0.7 percent, to 2,630.