U.S. stocks end down on weak China trade data

Last Updated Nov 9, 2015 4:10 PM EST

NEW YORK - U.S. and global stocks were weighed down Monday by weak Chinese and global economic data, as well as the prospect of a U.S. interest rate hike next month.

The Dow Jones industrial average closed down 180 points, or 1 percent, to 17,730. The Standard & Poor's 500 index lost 21 points, or 1 percent, to finish at 2,079, and the Nasdaq composite fell 52 points, or 1 percent, ending at 5,095.

Customs data showed China's imports fell by 18.8 percent in October from a year earlier, damping hopes for a Chinese economic rebound this quarter. Exports shrank 6.9 percent in a sign of weak global demand.

Markets have been subdued since Friday, when an unexpectedly strong October jobs report cemented expectations the U.S. Federal Reserve will raise interest rates as early as next month after keeping them close to zero since the 2008 global crisis.

The possibility of higher interest rates continued to push bond yields higher. The yield on the 10-year U.S. Treasury note was at 2.35 percent versus 2.33 percent on Friday and significantly higher than the 2.23 percent yield on Thursday.

Also weighing on sentiment on Monday was a warning by the Organization for Economic Cooperation and Development. It said a slowdown in international trade could be a harbinger of a new recession for the world's leading economies.

Benchmark U.S. crude slipped 31 cents to $43.98 per barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.09 on Friday to close at $44.29.

The dollar rose to 123.36 yen from Friday's 123.17. The euro fell to $1.0734 from $1.0742.