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1st LD Writethru: U.S. stocks slide as oil retreats

Xinhua, March 9, 2016 Adjust font size:

U.S. stocks ended lower Tuesday as a renewed decline in oil prices weighed on Wall Street.

The Dow Jones Industrial Average fell 109.85 points, or 0.64 percent, to 16,964.10. The S&P 500 lost 22.50 points, or 1.12 percent, to 1,979.26. The Nasdaq Composite Index decreased 59.43 points, or 1.26 percent, to 4,648.83.

Oil prices tumbled Tuesday on profit-taking after a two-day solid rally, with both U.S. oil and Brent crude falling over 3 percent.

Dragged by the diving oil prices, energy sector, the biggest laggard among the S&P 500's ten sectors, slumped 4.13 percent Tuesday.

Oil prices rose around 10 percent in the past two trading days as Saudi Arabia and Russia announced recently that they would halt production increases, and encourage other major producers to follow the suit.

There is no major economic data due out Tuesday.

Overseas, China's exports in dollar-denominated terms slumped more than 25 percent year-over-year in February, well below market consensus and logging the sharpest drop since May 2009, according to the figures from the General Administration of Customs.

Chinese shares struggled to stay in positive territory Tuesday after drastic fluctuations, with the benchmark Shanghai Composite Index extending its winning streak into a sixth day.

European equities decreased broadly Tuesday as oil prices plunged. German benchmark DAX index at Frankfurt Stock Exchange fell 0.88 percent, while British benchmark FTSE 100 Index lost 0.92 percent. Enditem