US stocks drop following five straight day of gains

The stock markets in the US opened lower following five straight sessions of gains, which was the longest winning streak since October.

At time of writing, the Dow Jones Industrial Average (DJIA) was down 122 points or 0.70%. The S&P 500 index was down 19 points or almost 1%. Nasdaq index was down 28 points or 0.60% as well. The Dow and S&P 500 have both advanced about 9% since mid February.

The drop witnessed today is due to the release of disappointing Chinese trade data, which heightened concerns about the world’s second-largest economy.

In Europe, Stoxx 600 index fell 0.80% due to China led weakness in the mining stocks. In Asian trade, Hong Kong’s Hang Seng Index fell 0.7%, while Japan’s Nikkei Stock Average dropped 0.8%.

The stock markets in the US opened lower following five straight sessions of gains, which was the longest winning streak since October.

(Market News Provided by FXstreet)

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