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US Economy: not as rosy as some say - Dow closes nearly 350 points lower as tech stocks tank - by Fred Imbert and Alexandra Gibbs

Stocks closed sharply lower Tuesday, erasing earlier gains as a decline in the broader tech sector brought the major averages down.

The Nasdaq composite fell 2.9 percent as shares of Apple and Amazon declined. The S&P 500 pulled back 1.7 percent, with tech sliding 3.5 percent. The Dow Jones industrial average closed 344 points lower and re-entered correction territory, with Microsoft as the worst-performing stock in the index.

Earlier in the session, the Dow rose 243 points, while the S&P 500 and Nasdaq also traded higher.

Facebook shares contributed to tech's losses as they fell 4.9 percent after Bank of America Merrill Lynch reduced its price target on the stock for the second time in five days. The cut comes as Facebook's fallout from the data scandal continues.

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