Global Stocks: U.S. stock indices gained

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.