US STOCKS-Wall St dips with financials, weak China data

jueves 13 de octubre de 2016 16:43 GYT

* Oil prices rebound, help energy shares recover

* Chinese exports drop 10 pct in September

* Indexes down: Dow 0.3 pct, S&P 0.3 pct, Nasdaq 0.5 pct (Updates to close)

By Caroline Valetkevitch

NEW YORK, Oct 13 (Reuters) - U.S. stocks slipped on Thursday led by falls in financial shares and following weak Chinese economic data but a late-day rebound in oil prices limited the day's decline.

Financials, which have been under pressure following negative news on Deutsche Bank and Wells Fargo, were down ahead of quarterly results due Friday from Wells Fargo, JPMorgan Chase and Citigroup. The S&P financial index fell 1.1 percent.

Reviving concerns about the health of the world's second-largest economy, data showed China's exports fell 10 percent in September, far worse than markets had expected, while imports unexpectedly shrank.

Stocks pared losses late along with energy shares. Oil prices rebounded to end higher. A U.S. government report of larger-than-expected draws in diesel and gasoline helped prices rebound. The S&P energy index ended down 0.7 percent.

"The catalyst, I think, to start getting some trades in (late) was oil prices stabilizing, and just the fact that short term we were oversold," said Bucky Hellwig, senior vice president at BB&T Wealth Management in Birmingham, Alabama.   Continuación...