US stocks dip ahead of Yellen hearing, Greece plan

NEW YORK: US stock retreated from record highs in opening trade Monday ahead of Federal Reserve Chair Janet Yellen’s expected update of US monetary policy in Congress this week.

Ten minutes into trade, the Dow Jones Industrial Average was at 18,077.67 down 62.77 points (0.35 percent).

The broad-based S&P 500 fell 4.50 (0.21 percent) to 2,105.80, while the tech-rich Nasdaq composite Index dipped 0.42 (0.01 percent) to 4,955.54.

Both the Dow and S&P 500 finished at record highs Friday.

Yellen appears Tuesday and Wednesday for Capitol Hill hearings that will offer the Fed its first major forum since minutes from the central bank’s last meeting suggested the Fed was dovish about lifting interest rates.

Greece meanwhile faces a deadline Monday to deliver reform proposals required by its four-month extension of the EU bailout program.