US STOCKS-Oil drop, China data drag Wall Street lower

martes 8 de marzo de 2016 17:22 GYT

* China Feb exports fall most since May 2009

* U.S. crude price falls more than 4 pct

* Indexes down: Dow 0.6 pct, S&P 1.1 pct, Nasdaq 1.3 pct (Updates to close)

By Rodrigo Campos

March 8 (Reuters) - U.S. stocks ended near the lows of the day on Tuesday as energy shares tumbled alongside the price of oil and soft Chinese trade data rekindled fears that the global economy is weaker than anticipated.

U.S. crude futures fell more than 4 percent in post-settlement trading, in their largest daily decline since bottoming so far for the year on Feb. 11. Since that low, the U.S. barrel of crude rose as much as 45.5 percent.

Despite the rebound in crude prices, oversupply and expectations of weak demand from China have weighed on investor sentiment. The price of oil and equity indexes have been strongly correlated this year.

"While I'd love to see oil break out, I don't think it will happen yet," said Uri Landesman, president at Platinum Partners in New York.

Goldman Sachs analysts said the recent rally in oil was premature as prices would need to remain lower for longer to help rebalance the market later in the year.   Continuación...