(CNBC) U.S. stocks closed about 1 percent lower or more Thursday, with financials leading declines. Continued strength in the yen against the dollar renewed concerns about global growth and the effectiveness of central bank policy.
The major averages held near session lows in afternoon trade, with the S&P 500 falling more than 1 percent to give up year-to-date gains in intraday trade. ( Tweet This ) The Dow Jones industrial average briefly fell 200 points with Goldman Sachs the greatest contributor to declines.
The Japanese yen was near 108.3 yen against the U.S. dollar in afternoon trade after earlier trading near 107.7, a fresh high against the greenback going back to October 2014.
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