Updated from 9:23 a.m. EST

Stocks opened slightly to the downside in New York Monday as Wall Street started to work on the first full trading week of 2009.


Dow Jones Industrial Average

was down 78 points at 8957, and the

S&P 500

was losing 9 points at 923. The


was shedding 17 points at 1615.

Stocks on Wall Street started the new year on a positive note Friday, posting solid gains in the first trading session of 2009. At the same time equities rallied, longer-dated U.S. Treasury securities fell hard.

Early Monday, the 10-year note was giving up 27/32 to yield 2.5%, and the 30-year was down 1 31.5/32 to yield 2.9%.

Advisers of President-elect Barack Obama said the new administration's $775 billion stimulus plan would likely include

tax cuts

of $500 to $1,000 for middle-class individuals and couples, and that tax cuts for workers and businesses could total $300 billion, according to a report in the

New York Times


The House Financial Services Committee will hold

a hearing

on Monday questioning how the

Securities and Exchange Commission

failed to detect an alleged $50 billion investment fraud by Bernard Madoff. The committee also will question Stephen Harbeck, president of the Securities Investor Protection Corp, which is designed to help investors recover their money.



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Steve Jobs

wrote a letter to the "Apple Community" saying that a hormone imbalance has been robbing him of the proteins his body needs to be healthy.

Technology buffs and investors will be watching on Monday as Apple is expected to unveil new products at Macworld in San Francisco. Prior news that Jobs would not deliver the Macworld keynote "set off another flurry of rumors about my health, with some even publishing stories of me on my deathbed," Jobs wrote in his letter.

In economic data, the Census Bureau is expected to report a 1.2% decrease in construction spending in November.

Taking a look at commodities, oil was recently down 55 cents at $45.79 a barrel, while gold gave up $30.30 to $849.20 an ounce.

The dollar was stronger against the euro and the yen, and weaker against the pound.

Overseas, the FTSE in London and the DAX in Frankfurt were both edging lower Monday, while Japan's Nikkei Hong Kong's Hang Seng ended with gains.

Copyright 2008 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed. AP contributed to this report.