The Dow Jones Industrial Average closed with the biggest loss on the first trading day of the year in 8 years, dropping 276 points. The S&P 500 suffered its worst first trading day since 2001. U.S. stocks sold off as a rout in China's stock market sent investors into havens and out of risky assets, such as equities. The S&P 500 closed 31.28 points, or 1.5%, lower at 2,012.66. The Dow Jones Industrial Average fell 276.09 points, or 1.6%, to 17,148.94. Meanwhile, the Nasdaq Composite ended the day down 104.32 points, or 2.1%, at 4,903.09.
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