(CNBC) — U.S. stocks closed lower Tuesday as investors piled into safe-haven assets such as the yen amid renewed global growth concerns from weaker-than-expected Chinese manufacturing data.
"I don't see one lever pushing everything. It's a combination of again more of that risk-off, valuations a little extended, earnings did come in a little better (but still declining), concerns coming out of weaker PMI numbers pointing to lackluster growth," said Tim Dreiling, senior portfolio manager with the Private Client Reserve at U.S. Bank.
The Nasdaq composite closed more than 1 percent lower at its lowest since mid-March.
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