Stocks gave up early gains and closed sharply lower Tuesday as the major indexes pulled back from near record levels.

The Dow Jones industrial average fell 119.13 points, or 0.7%, to 16,818.13. The blue-chip index is down from its record closing high of 16,947.08 set Friday.

The Standard & Poor’s 500 index dropped 12.63 points, or 0.6%, to 1949.98 and the Nasdaq composite index fell 18.32 points, or 0.4%, to 4350.36.

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