The Dow Jones industrial average (INDU) fell 16 points, or 0.1%. The S&P 500 (SPX) lost less than 1 point, or 0.1%, and the Nasdaq Composite (COMP) slipped 12 points, or 0.4%.
The market's softness came after U.S. stocks surged Tuesday, with the Dow staging its strongest one-day rally of the year, after President Obama indicated he would support a plan to raise the debt ceiling that had been floated by a bipartisan group of senators.
But investors remain cautious amid concerns that the Gang of Six's plan may not have enough time or support to make it through Congressional negotiations to increase the debt ceiling by Aug. 2.
"Until this debt ceiling issue is fully resolved, the market will bounce around," said Matt King, chief investment officer at Bell Investment Advisors. "This is the No. 1 issue for investors, and they don't have a ton of confidence right now."
The market's softness came after U.S. stocks surged Tuesday, with the Dow staging its strongest one-day rally of the year, after President Obama indicated he would support a plan to raise the debt ceiling that had been floated by a bipartisan group of senators.
But investors remain cautious amid concerns that the Gang of Six's plan may not have enough time or support to make it through Congressional negotiations to increase the debt ceiling by Aug. 2.
"Until this debt ceiling issue is fully resolved, the market will bounce around," said Matt King, chief investment officer at Bell Investment Advisors. "This is the No. 1 issue for investors, and they don't have a ton of confidence right now."
The dollar weakened against the euro, the Japanese yen and British pound.
Oil for August delivery rose 64 cents to settle at $98.14 a barrel.
Gold futures for August delivery dropped $4.20 to settle at $1,596.90 an ounce.
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