The Dow Jones industrial average (INDU) finished mostly unchanged, rising less than a point, to close at 12,808.
The S&P 500 (SPX) fell 5 points, or 0.3%, to 1,357; and the Nasdaq Composite (COMP) shed 22 points, or 0.8%, to 2,742.
"Fundamentally, not much as has changed," said Zahid Siddique, Associate Portfolio Manager of Gabelli Equity Trust. "We still have all the macro issues, whether it is the Middle East, Europe, Japan."
April was the strongest month for stocks since December. In fact, stocks have been steadily marching higher since the start of the year. But risks remain: the economy is far from out of the woods. And, while earnings have been strong, investors remain nervous about whether companies can sustain their growth.
The government's main jobs report for April is due out Friday, and investors will be paying close attention. Jobs remain one of the biggest -- if not the biggest -- drivers of the economic recovery.
According to a CNNMoney survey, economists expect 193,000 jobs to have been added in April.
Investors need to see a positive trend in the labor market, and they haven't seen that yet.
"Earnings season was the catalyst to drive this market higher for the last couple weeks, but now we need the economic data to catch up," said Marc Pado, chief market strategist with Cantor Fitzgerald.
Federal Reserve chairman Ben Bernanke has maintained his position that interest rates will remain low for the foreseeable future -- despite growing concerns of inflation.
The dollar was flat against the euro and up against the British pound, but slipped against the Japanese yen.
Gold futures for June delivery sank $24.50, to $1532.40 an ounce.
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