(CNBC) — U.S. stocks closed lower, after a failed attempt to rally from the Dow's worst 3-day point decline in history, as investors lost confidence amid continued concerns about China and global growth.
The Dow Jones industrial average and the S&P 500 closed lower after rallying about 3 percent earlier, their biggest reversal to the downside since Oct. 29, 2008.
"Whatever triggered the consternation in the last few trading sessions is likely to be replayed again," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. He said a negative close "would be a set up to grind sideways to work out this process, if this rally and enthusiasm can't last I think it's an indicator (of that consternation)."
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