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Stocks close down sharply, but they were worse earlier: Dow lost 400 at one point

Stocks close down sharply, but they were worse earlier: Dow lost 400 at one point

Wall Street rode another wave of selling Monday that sent U.S. stocks sharply lower, before a late-afternoon pullback stemmed some of the losses.

Investors unloaded materials, financials and other stocks, briefly knocking the Dow Jones industrial average down more than 400 points.

Technology shares, which soared last year, were targeted for especially aggressive selling, bringing the tech-heavy Nasdaq composite index down almost 20% from its record high last year.

The losses left major market indexes down for the second day in a row, extending what has been a dismal beginning of 2016 for the stock market, its worst start to a year on record.

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