Wall Street sags at the open

Stocks open to the downside as Apple releases quarterly filing, NYSE, Nasdaq will close Tuesday in observance of national day of mourning for President Gerald Ford.

December 29 2006: 9:40 AM EST

NEW YORK (CNNMoney.com) -- Wall Street edged lower Friday as Apple options and merger news dominate the headlines.

The Dow Jones industrial average, Nasdaq and S&P all inched lower in the first moments of trade.

In a regulatory filing Apple said that after an internal investigation it has recorded expenses to adjust for improperly dated stock option grants, and said its board has "complete confidence" in Chief Executive Steve Jobs and other senior managers.

Also financial services firm Marsh & McLennan Cos. Inc. has agreed in principle to sell its Putnam Investments unit for $3.9 billion to Montreal-based holding company Power Corp. of Canada , the Wall Street Journal reported on its Web site on Friday.

The NYSE and Nasdaq will close Tuesday in observance of the national day of mourning for President Gerald Ford.

Oil is 40 cents lower to $60.13 a barrel.

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