(CNBC) U.S. stocks closed lower Thursday after comments from New York Fed President William Dudley and the latest Fed minutes increased prospects of a rate hike as soon as June. ( Tweet This )
The S&P 500 erased gains for the year so far, while the Dow Jones industrial average clung to gains of 0.06 percent for the year so far. Both indexes were about 5 percent or less below their 52-week intraday highs touched last May 20 and 19, respectively.
"It's really repricing our estimates of when the Fed hikes next," said Art Hogan, chief market strategist at Wunderlich Securities, noting consensus has shifted from later in the year to July.
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