(CNBC) — U.S. stocks closed mildly lower on Wednesday as equities failed to recover from Tuesday's selloff, amid continued concern over dollar gains and the timing of a Fed interest rate hike.
It's "fear of what negative impact the strong dollar has without thinking of positives," said Art Hogan, chief market strategist at Wunderlich Securities.
The U.S. dollar extended gains to rise more than 1 percent, a 12-year high.
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Historical analysis by Wunderlich showed that the S&P 500 was down for 19 of the last 27 trading days during which the dollar was strong. Before that, the index and the dollar had no correlation.