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US: Energy, tech sell-offs lead stocks lower
[NEW YORK] Petroleum equities and some tech names led US stocks lower on Monday following weak Chinese and Japanese data.
At the closing bell, the Dow Jones Industrial Average stood at 17,855.56, down 103.23 points (0.57 per cent).
The broad-based S&P 500 dropped 14.77 (0.71 per cent) to 2,060.60, while the tech-rich Nasdaq Composite Index sank 40.06 (0.84 per cent) to 4,740.69.
Oil-oriented equities suffered another down day as crude prices sank to a fresh five-year low on worries about a supply glut. Dow member Chevron fell 3.7 per cent, while Apache Corp. slumped 6.9 percent.
"We have yet to see any stabilisation" in energy stocks, said Art Hogan, chief market strategist at Wunderlich Securities.
Hogan attributed big declines in tech equities like Apple (-2.4 per cent) and Netflix (-3.3 per cent) to profit-taking.
Chinese trade data showed a surprising slowdown in export growth, while Japanese data showed the economy contracted by more than previously estimated in the third quarter.