U.S. stock indices rose on Monday amid an increase in oil prices underlining persistent connection between oil and stocks.
The Dow Jones Industrial Average gained 228.67 points, or 1.4%, to 16,620.66 29 out its 30 components advanced). The S&P 500 rose 27.72 points, or 1.4%, to 1,945.50 (its oil prices rose 2.2%). The Nasdaq Composite rose 66.18 points, or 1.5%, to 4,570.61.
Data from Markit Economics showed that the U.S. manufacturing PMI slid to 51.0 in February on a seasonally adjusted basis from 52.4 in January. The country's manufacturing sector lost momentum after a modest recovery at the beginning of 2016. Weaker output and new orders sub-indices weighed on the PMI.
This morning in Asia Hong Kong Hang Seng lost 0.39%, or 76.05 points, to 19,388.04. China Shanghai Composite Index fell 0.98%, or 28.75 points, to 2,898.43. Meanwhile the Nikkei declined 0.35%, or 56.74 points, to 16,054.31.
Asian stock indices retreated as investors took profits from a 2% rally in the previous session. However analysts note that stocks should climb as they normally do before China's National People's Congress, which starts on March 5 this year.