The Dow Jones industrial average fell 11.47 to 5,877.36, having recovered from a 24-point dip.
Decliners led advancers by an 11-to-8 margin on the New York Stock Exchange, with 1,002 up, 1,374 down and 847 unchanged. NYSE volume totaled 395.81 million shares, vs. 442.59 million yesterday.
The NYSE's composite index fell 0.99 to 363.44, and the Standard & Poor's 500-stock index fell 1.46 to 681.48. The Nasdaq composite index rose 4.39 to 1,207.70, and the American Stock Exchange index fell 0.51 to 566.65.
The Nasdaq's jump was the ninth straight increase. The index shrugged off some early profit-taking amid continuing enthusiasm over Intel's upbeat earnings forecast and various company presentations at a technology conference sponsored by the securities firm Donaldson, Lufkin & Jenrette.
Bonds briefly improved this afternoon, offering the stock market some relief as the yield on the 30-Year Treasury - a key determinant of borrowing costs - eased toward 7 percent, but finished almost unchanged.
After rallying on a burst of optimism that economic growth may be moderating, bonds have been weighed down by renewed uncertainty over whether the Fed will move to contain inflation by raising its key lending rates to slow spending and demand.