New York, March 9 (IANS) The US stocks opened lower on Tuesday after weaker-than-expected Chinese trade data.
China’s exports in dollar-denominated terms slumped more than 25 percent year-on-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, Xinhua news agency reported.
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. The markets managed to extend their winning streak to a sixth day despite a day marked by drastic fluctuations
Shortly after the opening bell, the Dow Jones Industrial Average lost 81.84 points, or 0.48 percent, to 16,992.11. The S&P 500 fell 12.91 points, or 0.64 percent, to 1,988.85. The Nasdaq Composite Index was down 34.83 points, or 0.74 percent, to 4,673.42.
The US stocks closed mixed on Monday amid surging oil, as investors tried to lock in gains after a three-week rally.