NEW YORK (AP) -- Stocks are falling in early trading on renewed concerns about European debt problems after a major ratings agency slashed its view on Portugal.
A report showing continued growth in the manufacturing sector is having little effect on trading Wednesday. Investors are also awaiting a report on sales of new homes.
European markets are mostly lower as Fitch Ratings says Portugal's recovery will be slower than other countries that use the euro. Debt problems in Europe have been one of the few drags on stocks in recent months.
The Dow Jones industrial average is down 23.28, or 0.2 percent, at 10,865.55. The Standard & Poor's 500 index is down 3.11, or 0.3 percent, at 1,171.06, while the Nasdaq composite index is down 8.23, or 0.3 percent, at 2,407.01.
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