NEW YORK: Petroleum and banking equities retreated Tuesday, reversing recent gains after oil prices fell and China reported poor trade figures.
At the closing bell, the Dow Jones Industrial Average stood at 16,963.35, down 110.60 points (0.65 percent).
The broad-based S&P 500 fell 22.43 (1.12 percent) to 1,979.33, while the tech-rich Nasdaq Composite Index dropped 59.43 (1.26 percent) to 4,648.82
Dow members ExxonMobil and Chevron both lost about 2.2 percent. Even bigger declines came at midsized companies ConocoPhillips and Apache, which were down 6.8 percent and 9.4 percent, respectively.
The retreat in energy shares was “not surprising” given the gains of the last couple of weeks, said Art Hogan, chief market strategist at Wunderlich Securities.
“Look at the run they’ve had,” he said.
Chinese trade data for February raised new questions about the health of the world’s second-biggest economy, with exports sinking 25.4 percent and imports dropping 13.8 percent.
Copyright AFP (Agence France-Presse), 2016
Courtesy : BRecorder