The Globe and Mail reports in its Thursday edition that U.S. and Canadian stocks closed lower on Wednesday after an abrupt midafternoon sell-off snapped a rally that had been driven by expectations of falling interest rates and the Federal Reserve's dovish turn. A Reuters dispatch to The Globe says that all three major U.S. stock indexes, as well as Canada's S&P/TSX Composite Index, began to veer lower around 2:30 p.m. ET, having shown little conviction in either direction for much of the session. U.S. stocks were "near all-time highs, they hit resistance," said Jay Hatfield at InfraCap in New York, noting the downturn was "surprisingly vociferous, things went from hot to cold really fast. It's surprising how aggressive the sell-off is, but it makes sense considering how far we've come." Some traders said the sell-off could have been aggravated by large purchases of near-term put options on the S&P 500, including put contracts that would guard against a drop below the 4,755 level on the index by the end of the session. The Toronto Stock Exchange had been trading at an 18-month high prior to Wednesday's sell-off. "It feels like, as much as anything, just buyer exhaustion," said Greg Taylor at Purpose Investments.