(CNBC) — U.S. stocks closed more than 1 percent lower Wednesday, weighed by declines in oil prices and failing to extend a rally in global markets despite talk of stimulus overseas.
"Again, after a really, really strong day yesterday and a gap up in the opening, we sold off," said Peter Coleman, head trader at Convergex. He noted pressure from weakness in oil and other commodities.
"This is the volatility that we're going to be in for the next few weeks between the Fed and China," he said. But "I don't think we'll go back and retest the lows from two weeks ago."
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