US stocks close lower on renewed trade war fears

US stocks fell Monday amid renewed investors' concerns about the trade war between the US and China.

President Donald Trump said that his administration was ready to increase the tariffs on imports from China if no trade deal is reached, adding that Beijing still wants a trade deal and "we'll see what happens in the coming period".

US Commerce Secretary Wilbur Ross also stated that the Trump administration may increase tariffs on Chinese imports.

The ISM manufacturing PMI final reading showed a drop in the US during the last month, which mounted concerns about the pivotal sector.

To the oil market, West Texas Intermediate (WTI) rose 1.4% to close at $55.96 a barrel, and hit a session-high of $56.6 and a low of $55.4.

Brent rose 0.7% to $60.92 a barrel, with a high of $62.09 and a low of $60.7.

As for stocks, Dow Jones fell 0.9% or 268 points to settle at 27,783, and hit a high of 28,109 and a low of 27,782.

Nasdaq dipped 1.1% or 97 points to 8,568, with a high of 8,672 and a low of 8,540.

S&P 500 fell by 0.8% or 27 points to close at 3,114 points, and hit an intraday high of 3,144 and a low of 3,110.