Dow drops 700 as trade war escalates

(CNBC) — Stocks fell sharply on Monday, giving back the gains from a strong turnaround in the previous session, after China decided to raise tariffs on some U.S. goods as the ongoing trade war between the world’s largest economies intensifies.

The Dow Jones Industrial Average dropped 704 points, while a 3.8% drop in the tech sector pushed the S&P 500 down by 2.6%.

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