US stocks edge lower at open, Exxon falls

NEW YORK, Sep 5 (Reuters) US stocks edged lower on Tuesday as shares of the Exxon Mobil Corp., the world's largest publicly owned oil company, fell after news of rival Chevron Corp.'s oil discovery in the Gulf of Mexico.

As traders returned from a long holiday weekend, Exxon shares slid 0.6 percent to .72 after Chevron said it had successfully drilled for oil in the Gulf of Mexico's deep waters. Analysts said the find suggested there may be more oil in the region, which already provides a quarter of U.S. output. For details, see ID:nN05217895.

Chevron was up 1 percent to .52.

The Dow Jones industrial average was down 16.25 points, or 0.14 percent, at 11,447.90. The Standard&Poor's 500 Index was down 1.80 points, or 0.14 percent, at 1,309.21. And the Nasdaq Composite Index was down 7.47 points, or 0.34 percent, at 2,185.69.

REUTERS PKS KN1945