New York, March 9 (IANS) The US stocks traded lower in the morning session on Tuesday after China released weaker-than-expected trade data.
At midday, the Dow Jones Industrial Average lost 92.62 points, or 0.54 percent, to 16,981.33. The S&P 500 fell 15.86 points, or 0.79 percent, to 1,985.90. The Nasdaq Composite Index was down 36.29 points, or 0.77 percent, to 4,671.96, Xinhua news agency reported.
China’s exports in dollar-denominated terms slumped more than 25 percent year-over-year in February, more than expected and the sharpest drop since May 2009, according to the figures from the General Administration of Customs.
Analysts largely attributed the weakness in data to a slowdown in business activity around the Spring Festival holiday in early February this year.
However, Bloomberg economists said that explains only part of the weakness, and the rest they blame on weak global demand.
Chinese shares struggled to stay in positive territory on Tuesday, and while the day was marked by drastic fluctuations, the markets managed to extend the winning streak to a sixth day.
The US stocks end mixed on Monday amid surging oil, as investors tried to lock in gains after a three-week rally.