The Dow Jones industrial average lost 3.36 to close at 6,090.87, rebounding late in the volatile session from a 34-point loss. Earlier, the blue-chip index surrendered a nearly 40-point jump that put the Dow above 6,100 a week after its first close above 6,000.
Decliners led advancers by an 11-to-9 margin on the New York Stock Exchange, with 1,098 up, 1,339 down and 837 unchanged. NYSE volume was 414.62 million shares, vs. 467.94 million Friday.
Broader measures of blue-chip and other large companies also retreated after a fleeting advance further into record territory.
The Standard & Poor's 500-stock index fell 0.97 to 709.85, and the NYSE's composite index lost 0.40 points to 377.92. The Nasdaq index dropped 6.08 to 1,236.40, and the American Stock Exchange's market value index fell 2.16 to 576.87.
In widely anticipated earnings report, IBM said its profit edged lower in the third quarter. The profit came in at the upper range of analysts' forecasts.
The day's other big earnings news came from the oil sector, which has been among the strongest groups in the market's advance, benefiting from rising energy prices.
Texaco Inc. and Chevron Corp. both reported that their third-quarter profits jumped about 50 percent compared with the same period a year ago. Exxon Corp. reported a 4 percent improvement in third-quarter earnings.