U.S. stocks trade higher after upbeat data

NEW YORK, March 5 (Xinhua) -- U.S. stocks pared early losses to trade higher around midday on Monday, as economic data from the country came out positive.

Around noon, the Dow Jones Industrial Average added 36.72 points, or 0.15 percent, to 24,574.78. The S&P 500 edged up 6.10 point, or 0.23 percent, to 2,697.35. The Nasdaq Composite Index was up 11.42 points, or 0.16 percent, to 7,269.29.

Economic activity in the U.S. non-manufacturing sector grew in February for the 97th consecutive month, according to the report on Monday by the Institute for Supply Management(ISM). The ISM non-manufacturing index registered 59.5 last month, beating market consensus of 58.8.

U.S. equities opened lower on Monday as traders were digesting U.S. President Donald Trump's plan to impose steep tariffs on steel and aluminum imports.

Trump said on Thursday he would impose 25 percent of tariff on steel imports products and 10 percent on aluminum as early as the following week.

Many concerned that the planned tariffs would raise prospects of a trade war and hurt the U.S. economy.

Last week, all three major indices saw sharp decreases, with the Dow, the S&P 500 and the Nasdaq tumbling 3.0 percent, 2.0 percent and 1.1 percent, respectively.

Analysts said the recent sell-off reflected Wall Street's concerns over inflationary risks and economic slowdown, two threats that tariffs and other protectionist measures could bring. Enditem