(CNBC) — U.S. stocks closed more than 1.5 percent lower on Tuesday, pressured by a surge in the dollar and some weakness in oil.
The Dow Jones industrial average fell more than 300 points to below the index's 50-day moving average, wiping out gains for the year. The S&P 500 also traded in the red for the year and breached its 50-day moving average, which is an indicator of the market trend. Only the Nasdaq held onto gains of about 3 percent for the year.
There's "concern that energy and the strength in the dollar will somehow be negative for the equities," said Art Hogan, chief market strategist at Wunderlich Securities. He noted that the speed of the dollar's surge was the greatest market driver, amid mixed economic data and concerns about the Federal Reserve raising interest rates.
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