TORONTO -- North American stock markets closed down after comments by U.S. President Donald Trump cast doubt on a quick resolution to the U.S.-China trade war.

The S&P/TSX composite index ended down 89.29 points at 16,892.18.

In New York, the Dow Jones industrial average closed down 280.23 points at 27,502.81. The S&P 500 index was down 20.67 points at 3,093.20, while the Nasdaq composite was down 47.34 points at 8,520.64.

The Canadian dollar traded for 75.18 cents US, down from an average of 75.20 cents US on Monday.

The January crude contract closed up 14 cents at US$56.10 per barrel and the January natural gas contract was up 11 cents at US$2.44 per mmBTU.

The February gold contract ended up US$15.20 at US$1,484.40 an ounce and the March copper contract was down 2.8 cents at US$2.62 a pound.