The Dow Jones industrial average fell 0.37 to 5,668.29, down from an afternoon gain of more than 36 points.
Declining issues topped advancers by 1,204 to 1,122 on the New York Stock Exchange. NYSE volume totaled 390.88 million shares vs. 401.05 million in the previous session. Broad-market indexes ended mixed. The NYSE composite fell 0.87 to 358.68, and the S&P 500 index fell back 1.93 to 669.04.
The Nasdaq composite rose 4.29 to 1,235.05, and the American Stock Exchange's market value index fell 0.02 to 597.55.
The market was unmoved by a report that consumer prices climbed 0.3 percent in May. The data was in line with analyst expectations and did little to alleviate worries the Federal Reserve will soon raise interest rates to slow spending and keep inflation under control.
The benchmark 30-year Treasury bond fell nearly three-quarters of a point, with its yield hitting 7.18 percent. Rising inflation hurts the value of fixed-income investments such as bonds, forcing higher yields through a
discount on price. On Tuesday, bonds dipped and interest rates rose despite data showing a drop in May wholesale prices.
"The big concern in the market is whether the Fed is going to raise rates," said Scott Bleier, chief investment strategist at Prime Charter. "People are erring on the side of rising rates."