(CNBC) — U.S. stocks plunged on Wednesday, closing more than 1 percent lower as investors weighed the impact of the strong dollar on the economy and the coming earnings season.
"My guess is it's dollar-related," said Jack Ablin, chief investment officer at BMO Private Bank. "All part of the mosaic. Economic results in the U.S. here are consistently underperforming economic estimates."
February's durable goods orders posted a decline, rather than the modest expected increase, under pressure from the strong dollar and weak global demand.
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