Wall Street Slumps As China Fears Grow

Wall Street swung to a loss on Monday as fears for the global economy dampened investor sentiment just as earnings season got under way.

The finish in the red marked a second consecutive negative close, the first such back-to-back losses for US stocks in 2019.

The benchmark Dow Jones Industrial Average fell 0.4 percent to close at 23,910 while the broader S&P 500 lost 0.5 percent, settling at 2,583.

The tech-heavy Nasdaq fell hardest, losing 0.9 percent and closing at 6,906.

Chinese trade data released on Monday had underscored worries about a slowdown in the world's second biggest economy.

The mainland's exports fell 4.4 percent in December from a year earlier, while imports dropped 7.6 percent, reflecting sluggish demand at home and abroad.

"There is a concern that the global economy could slow down. The data for the last few months has supported the fact that the economy is slowing in China and around the globe," said Adam Sarhan of 50 Park Investments.

"The global economy does well when China does well." (AFP)