US stocks open lower; Yelp debuts after IPO

MATTHEW CRAFT AP Business Writer Published:

NEW YORK (AP) -- Stocks are opening lower, putting the Dow Jones industrial average on track for its first weekly loss after two weeks of gains.

The Dow fell 30 points to 12,949 at the opening of trading.

The broader S&P 500 is down 3 at 1,371. The Nasdaq is down 1 point at 2,987.

The online review site Yelp Inc. jumped 60 percent following its initial public offering that valued the company at $900 million.

Both the Dow and Nasdaq are trading below milestones hit earlier this week. The Dow closed above 13,000 Tuesday for the first time since May 19, 2008.

The Nasdaq index broke the 3,000 level Wednesday for the first time since 2001.

Oil prices fell after Saudi Arabia denied an Iranian media report of an explosion at a pipeline.