NEW YORK, May 22 (Xinhua) -- U.S. stocks closed lower on Tuesday, giving up some of the sharp gains from the previous session.
The Dow fell 0.72 percent to 24,834.41, and the S&P 500 was down 0.31 percent to 2,724.44, while the Nasdaq decreased 0.21 percent to 7,378.46.
Dow dropped nearly 180 points, led by Boeing and Caterpillar, which lost 2.42 percent and 1.71 percent, respectively, at market closing.
Investors were still digesting the latest progress on U.S.-China trade relations.
China and the United States issued a joint statement over the weekend on economic and trade consultations, vowing not to launch a trade war against each other.
During the earnings season, many companies had cited trade tensions as a major uncertainty for 2018, so any news about eased trade tensions was good news for investors.
China's Finance Ministry said on Tuesday that China will cut import tariffs on vehicles and auto parts starting July 1.
Shares of Ford and General Motors rose on the news, gaining about 0.1 percent and 0.5 percent, respectively.
Economists noted that the rising Treasury yields and strong dollar in recent days may pose a threat to earnings growth in the stock market.
