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US stocks close lower after gradual tax cuts report

iStock/Thinkstock(NEW YORK) -- U.S. stocks closed lower on Monday after a new report on gradual tax reform.

The Dow Jones Industrial Average sunk 85.45 (-0.36 percent) to finish at 23,348.74.

The Nasdaq slid 2.30 (-0.03 percent) to close at 6,698.96, while the S&P 500 finished at 2,572.83, down 8.24 (-0.32 percent) from its open.

Crude oil prices were about 0.5 percent higher at $54 per barrel.

Tax Reform:  Stocks took a hit after Bloomberg reported the House is considering a gradual phase-in for the corporate tax rate, with the rate reaching 20 percent in 2022.

Winners and Losers:  General Motors shares tumbled 2.82 percent after Goldman Sachs downgraded the automaker's stock to "sell."

Customer demand for the new iPhone X is "off the charts," according to Apple, and shares jumped 2.25 percent.  Apple is set to report earnings on Thursday.

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