(CNBC) — U.S. stocks closed sharply lower on Tuesday as concerns of a Democratic sweep weighed on health care and biotechnology stocks, while crude prices fell amid a strong dollar.
The S&P fell 1.3 percent, breaking below its 100-day moving average of 2,138.53, with health care shedding about 2.5 percent and financials among the worst-performing sectors.
“I would say it is a three-pronged sell-off: strong dollar, higher rates, and a Dem sweep,” said John Spallanzani, chief macro strategist at GFI Group. “Biotechs and heath care are down the most on fears of a Democratic sweep.”
