Stocks sink on weak China, global data

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.

At midafternoon on Wall Street, the Dow Jones industrial average had lost 216.2 points, about 1.2 percent, to 17,693.8. The Standard & Poor's 500 index was down 26 points, about 1.2 percent, at 2,073.1, and the Nasdaq composite fell 67.5 points, about 1.3 percent, to 5,170.6.

CRUDE ENERGY: At midafternoon, the Dec. 15 contract on benchmark U.S. crude oil had slipped 72 cents to $43.97 a barrel in electronic trading on the New York Mercantile Exchange. The contract plunged $1.09 on Friday to close at $44.29.

GLOBAL GLOOM: 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.

AMERICAN JOBS: 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.