Stock market dips; retailers’ earnings weaker

NEW YORK (AP) ? Stocks are opening mixed on Wall Street Monday as retailers report lower results.

J.C. Penney Co. fell 1 percent after reporting a quarterly loss. The department store operator said its results were weighed down by restructuring costs. It lowered its earnings outlook for the rest of the year.

IBM Corp. is up 1 percent after the investor Warren Buffett said his firm has been buying the company’s stock this year. The purchases have given Berkshire Hathaway Inc. a 5 percent stake in IBM.

Thirty minutes after the opening bell, the Dow Jones industrial average is down 33 points to 12,116. Boeing Co. gained 2.8 percent, leading the Dow. The aircraft maker said it picked up a new customer, Oman Air, which ordered six 787s.

The S&P 500 index is down 8, or 0.6 percent, to 1,256. The Nasdaq composite is down 8, or 0.3 percent, to 2,670.

The euro fell against the dollar and European markets were mostly lower as traders looked ahead to the challenges still facing the region as it tries to contain its debt crisis.

New governments are taking over in Greece and Italy, the two countries at the center of the crisis. Italy managed to sell five-year bonds to investors and raise $4.1 billion, but the 6.29 percent interest rate was the highest since 1997.

Stock indexes closed the week higher Friday as it appeared Greece and Italy were making steps toward getting their debt troubles under control. The Dow and the S&P 500 are now positive for the month. The Nasdaq is slightly lower.

No major economic reports are coming out Monday.