(CNBC) — Stocks closed sharply lower on Wednesday as a trade war between the U.S. and other major economies intensified, with the Trump administration unveiling new tariffs on Chinese goods.
The Dow Jones Industrial Average fell 218 points with Caterpillar, DowDuPont and Chevron as the biggest decliners. The 30-stock index also snapped a four-day winning streak.
The S&P 500 dropped 0.7 percent as energy plunged more than 2 percent. Energy shares fell as crude shed 5 percent. The Nasdaq Composite declined 0.6 percent.