December 14, 2017
Tuesday, March 8, 2016

Wall Street falls as oil, Chinese data weigh

US stocks ended near session lows on Tuesday in a late selloff as the energy sector tumbled alongside the price of oil and after soft Chinese trade data rekindled fears that the global economy is weaker than anticipated.

The Dow Jones industrial average fell 110.26 points, or 0.65 percent, to 16,963.69, the S&P 500 lost 22.44 points, or 1.12 percent, to 1,979.32 and the Nasdaq Composite dropped 59.43 points, or 1.26 percent, to 4,648.83.

The European Central Bank is expected to announce further stimulus at its meeting later this week.

European shares slipped to a one-week low after poor trade data from China, the world's top metals consumer, put pressure on industrial metals prices and the mining sector.

China's February trade performance was far weaker than economists had expected, with exports tumbling the most in more than six years, days after Beijing sought to reassure investors that the outlook for the world's second-largest economy is solid.

The STOXX Europe 600 Basic Resources index fell 9.3 percent, the top sectoral decliner, dragged down by falls of 8.5 to 18.1 percent in the shares of BHP Billiton, Anglo American, Rio Tinto and Glencore.

Meanwhile, Japan's benchmark Nikkei average ended the day at its lowest in nearly one week, as a stronger yen kept investors on edge and hit the stocks of exporters.

The Nikkei closed down 0.8 percent at 16,783.15, its lowest closing level since March 2.

The broader Topix dropped 1.0 percent to 1,347.72 and the JPX-Nikkei Index 400 declined 1.0 percent to 12,200.13.

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Tags:  US  stock market  Europe  Nikkei  

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