US STOCKS-Wall St opens lower as BofA drags banks

NEW YORK (Reuters) - U.S. stocks opened lower on Monday, dragged down by a drop in bank shares after Bank of America Corp (BAC.N: Quote, Profile, Research), the No. 2 U.S. bank, posted disappointing quarterly results, while National City (NCC.N: Quote, Profile, Research) slashed its dividend and posted a loss.

The Dow Jones industrial average .DJI fell 59.35 points, or 0.46 percent, to 12,790.01. The Standard & Poor's 500 Index .SPX dropped 5.29 points, or 0.38 percent, to 1,385.04. The Nasdaq Composite Index .IXIC shed 7.27 points, or 0.30 percent, to 2,395.70.

(Reporting by Ellis Mnyandu; Editing by James Dalgleish)