(CNBC) — U.S. stocks closed lower Wednesday with energy stocks leading declines as oil settled below $40 a barrel.
"Oil dropping below that $40 mark, that sort of added to the pressure," said Robert Pavlik, chief market strategist at Boston Private Wealth.
"I think it's concerns about what transpired in Europe yesterday, concerns about global growth after having a market rally as much as it has ... (and) petroleum stocks showing a build that was larger than expected," he said.