The broader market selloff accelerated into the close. It all started after Federal Reserve Chair Jerome Powell told the Senate Banking Committee the central bank may continue to hike interest rates for longer in response to the latest batch of stronger-than-expected economic data. The testimony sent the bank sector spiraling and the 2-year Treasury yield above 5% for the first time since 2007.

The Dow shed 574 points and snapped its four-day win streak. The Nasdaq also lost triple digits and the S&P 500 settled deep in the red, while the Cboe Volatility Index (VIX) logged its best day since Feb. 21.

OIL, GOLD PRICES PLUMMET AMID FED FATIGUE

Oil prices settled sharply lower on Tuesday, as demand worries festered following disappointing import data out of China. Investors also digested the prospect of more interest rate hikes. April-dated crude dropped $2.88, or 3.6%, to close at $77.58 per barrel.

Gold prices also fell to close at their lowest level in over a week. Today's Fed comments boosted the U.S. dollar, which pressured the yellow metal. April-dated gold shed $34.60, or 1.9%, to close at $1,820 per ounce.

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