U.S. stocks opened slightly lower Friday as investors maintained their concern about the looming "fiscal cliff".

U.S. President Barack Obama and congressional leaders were scheduled to meet for the first time Friday after the election and discuss a budget deal that would avoid the "fiscal cliff" of mandatory tax hikes and spending cuts in the new year.

Investors remained cautious about the development and hesitant to make any big investment decision.

On the economic front, industrial production unexpectedly declined by 0.4 percent in October because of superstorm Sandy

As for shares, energy and financial sectors led the laggards while utilities stocks slightly rose.

Shortly after the opening bell, the Dow Jones industrial average dropped 22.29 points, or 0.18 percent, to 12,520.09. The Standard & Poor's 500 was down 2.44 points, or 0.18 percent, at 1,350.80. The Nasdaq Composite Index declined 10.47 points, or 0.37 percent, to 2,825.72. Endi