(CNBC) U.S. stocks closed lower Wednesday, after a solid start to November, weighed by a decline in energy stocks and increased confidence in the possibility of a December rate hike. ( Tweet This )
The major averages are still up about 1 percent week-to-date, with energy the best performing sector for the week so far.
"The market was overbought in the short term and it was looking for a reason to pause and we got the reason today — oil giving back some of its gains and Yellen upping the (probability) of a rate hike but not committing to it," said Peter Cardillo, chief market economist at Rockwell Global Capital.
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