(CNBC) U.S. stocks closed more than 1 percent lower Thursday, pressured by sharp declines in oil prices, as investors eyed several speeches from Federal Reserve officials.
"I think we're down due to energy prices more than anything else," said Peter Cardillo, chief market economist at First Standard Financial.
"That along with the fact the market is in a downward consolidation phase," he said. "What we're seeing is a market that is correcting and using some excuses — the oil price decline and some of the Fed comments as well."
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