Dow drops nearly 300 points on new China tariffs

U.S. stocks closed sharply lower after President Trump said a new round of tariffs would be levied against China. The Dow Jones Industrial Average fell about 281 points, or 1%, closing at 26,583, its second-straight day of triple-digit losses. The S&P 500 lost about 27 points, 0.9%, and closed at 2,953. The Nasdaq closed at 8,111, lower by 0.8%, or 64 points. Yum Brands, Inc. was one standout during the trading day, closing 4% higher, at about $117, after reporting better-than-feared earnings results. Caterpillar Inc. was one of the biggest losers of the Dow, closing down nearly $5, or 3.7%.

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