US stocks open sharply lower

US stocks fell sharply in early trade today after accelerating inflation raised concern that higher energy prices will curb consumer spending.

The Standard and Poor's 500 Index declined 9.62, or 0.7 per cent, to 1,478.79 at 1032am (local time) in New York.

The Dow Jones Industrial Average slid 81.86, or 0.6 per cent, to 13,436.1. The Nasdaq Composite Index lost 13.45, or 0.5 per cent, to 2,655.04.

About five stocks dropped for every one that rose on the New York Stock Exchange

Citigroup, the largest US bank, declined for a fourth day on its plan to take over seven troubled investment funds and assume $58 billion of debt.

Black & Decker fell the most in five months after the largest US power-tool maker cut its profit forecasts.

Amazon.com and Ebay retreated after it was reported that online sales grew at the slowest pace ever.

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