U.S. stocks closed lower on Tuesday, giving back most of Monday's major gains, as investors eyed mixed economic data and the end of the first quarter.
The Dow Jones industrial average failed to post gains for the first quarter, showing a loss of 0.26 percent. The blue chip index closed down about 200 points on Tuesday after a 263-point gain a day earlier.
"The market is realizing that the general economic conditions are challenging," said Robert Pavlik, chief market strategist at Boston Private Wealth. "It's mainly the domestic data and you're seeing activity in the Treasury market with yields moving lower."
While the week's economic data has been mostly positive, recent reports have still signaled moderate growth. The benchmark U.S. 10-year Treasury yield edged lower to trade near 1.93 percent.
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"I think everyone's nervous about what's coming (next) quarter. To me the path of least resistance seems down," said Maris Ogg, president of Tower Bridge Advisors. "Next month pretty (neutral) until people get an idea where the new estimates for the year are."
The U.S. dollar is up 9 percent for the year and is expected to continue weighing on corporate earnings, which begin reporting in April.
"I think that's feeding into U.S. markets," said David Kelly, chief global strategist at J.P. Morgan Funds. He noted that "the underlying trend in earnings and the stock market is still higher."
Low oil prices also continued to weigh, as Iran and six world powers negotiated a deal that could ease sanctions and allow more Iranian crude onto world markets. Crude oil futures settled down $1.08, or 2.2 percent, at $47.60 a barrel on Tuesday.
Tuesday marked the end of the first quarter for 2015. The Nasdaq posted gains of 3.48 percent for the quarter, marking the index's first nine-quarter winning streak. The S&P eked out its own nine-quarter run with a gain of 0.44 percent last quarter. Only the Dow was negative for the quarter.