(CNBC) — U.S. stocks closed more than 1 percent lower Tuesday as investors weighed declines in oil, concerns about global growth, and the implications of the Federal Reserve's rate hike decision.
"It's a market that's gripped with fear, fear of uncertainty of the growth of the global economy and it's own growth strength and that's due to the Fed sending the wrong signals to the market," said Peter Cardillo, chief market economist at Rockwell Global Capital.
The major averages pared losses as the close approached, with the Dow Jones industrial trading less than 200 points lower after earlier falling as much as 288.46 points. The Nasdaq composite underperformed to close down about 1.5 percent, clinging to gains for the year so far. Earlier, the index fell more than 2 percent to join the other major averages in negative territory for 2015.
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