Wall Street drops after weak data, trade optimism fades2Photo© firstpost.com

Wall Street drops after weak data, trade optimism fades

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NEW YORK (Reuters) - U.S. stock indexes turned lower and the dollar pared some gains on Monday, as investors appeared to need some convincing the United States and China would reach a trade agreement and weaker-than-expected construction data did not help their mood.

Oil futures were higher from news of OPEC output cuts and trade deal hopes but their rally also lost some steam as equity prices declined.

U.S. President Donald Trump and Chinese President Xi Jinping might seal a trade deal around March 27, given progress in trade talks, the Wall Street Journal reported on Sunday.