U.S. stocks closed lower on Thursday, with information technology led decliners, as concerns over the presidential election lingered.
Investors "look at Donald Trump as the great unknown," said Robert Pavlik, chief market strategist at Boston Private Wealth. "Hillary Clinton, while not business friendly, is certainly market friendly."
"This is all about the election and the breaking of technical support," he said. "People are now thinking the 200-day moving average is in play" on the S&P 500, around 2,082.
The Dow Jones industrial average fell about 25 points, with Apple contributing the most losses. The S&P 500 fell 0.4 percent, with information technology and health care dropping 1 percent. The Nasdaq composite underperformed, falling about 1 percent. Earlier, the three major indexes traded higher.
Financial markets across the globe have remained skittish since Friday, when news that the FBI was investigating new emails related to Democratic nominee Hillary Clinton broke. Market participants had largely priced in a Clinton victory over her Republican counterpart Donald Trump.
"It's hard to saw what the main drivers are here," said Art Hogan, chief market strategist at Wunderlich Securities. "You've got economic data that's been better on balance, except today, but you don't have any more clarity on the election." "We're becoming less certain about this and we don't know what to do about it."
Since Friday, the CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, has gained more than 21 percent. On Thursday, the so-called fear gauge gained around 14.4 percent, to trade near 22.10.
"Investors are wondering whether they can trade on the election. They can't; there's just too much uncertainty," said Tim Dreiling, regional investment director at The Private Client Reserve of U.S. Bank.
Peter Cardillo, chief market economist at First Standard Financial, said the market was trying to make gains earlier, as the S&P tried to snap a seven-day decline, but "we're not out of the woods yet."