Stock indexes plunged amid the escalating trade war between the Trump administration and China on Monday. The Dow Jones Industrial Average closed down 617 points, a 2.38 percent slide. The S&P 500, meanwhile, was down 2.4 percent, and the Nasdaq Composite sank 3.41 percent by the end of the day. China announced Monday that it will raise tariffs on $60 billion in U.S. goods, retaliating despite warnings from President Trump. The losses were the worst in four months, with large exporters like Boeing and Caterpillar Inc. falling nearly 5 percent and technology companies similarly suffering. Markets have been rocked in recent weeks as the Trump administration promises further economic action, though they recovered slightly after Trump announced he'd meet with China's Xi Jinping next month.

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