(CNBC) — U.S. stocks closed lower on Tuesday as investors eyed further declines in Apple's stock and slight recovery in oil prices, amid continued focus on the timing of a rate hike.
"What we got today was reaffirmation that the Fed would like to raise rates this year, certainly not far from consensus," said Art Hogan, chief market strategist at Wunderlich Securities. He noted that this week also culminates with a jobs report.
"Apple's still the story," he said.
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The major averages briefly extended losses after Atlanta Fed President Dennis Lockhart, a voting member, told the Wall Street Journal that the economy appears ready for a rate hike in September. Analysts noted slight surprise at the unscheduled remarks. Yields rose and the dollar gained against world currencies.