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U.S. stocks closed sharply lower on Tuesday, after the White House confirmed plans to move forward with a dramatic increase in tariffs on Chinese goods.
The Dow Jones Industrial Average dropped 320.01 points, or 0.84 percent, to close at 37,645.59. The S&P 500 fell 79.48 points, or 1.57 percent, to 4,982.77, narrowly avoiding a bear market. The tech-heavy Nasdaq Composite plunged 335.35 points, or 2.15 percent, to 15,267.91.
All 11 major sectors of the S&P 500 ended in the red. Materials and consumer discretionary led the losses, down 2.96 percent and 2.54 percent, respectively. Financials saw the smallest decline, easing 0.41 percent.