The Dow finished down 15.51 points, or 0.1%, at 12571.91, after bobbing between positive and negative territory for much of Wednesday's session. The index surged 202 points on Tuesday, its biggest gain since December.
United Technologies led the blue-chip index lower, shedding $1.60, or 1.8%, to $87.22, while International Business Machines fell 1.56, or 0.8%, to 183.65, a day after hitting a record on strong earnings results. Microsoft slumped 48 cents, or 1.7%, to 27.06.
The Standard & Poor's 500-stock index dropped 0.89 point, or 0.1%, to 1325.84, as consumer-discretionary and technology stocks lagged behind.
"There still isn't a lot of conviction among investors in the market," said Gary Flam, portfolio manager at Los Angeles-based Bel Air Investment Advisors. "Without that conviction, the market is very susceptible to that next macro-driven headline."
Blockbuster earnings from Apple prompted investors to push the stock up 10.05, or 2.7%, to 386.90. The company more than doubled its quarterly earnings and reported higher revenue on strong iPhone and iPad sales.
Apple's results, however, weren't enough to lift the Nasdaq Composite, which finished down 12.29 points, or 0.4%, at 2814.23. The slim declines came after the technology-oriented index surged 2.2% on Tuesday.
The action came amid some weak economic data and as some investors reassessed the $3.7 trillion debt-reduction plan that previously won Wall Street's accolades.
"Market participants are sobering up to [Tuesday's] reaction to the debt-reduction plan," said Jason Pride, director of investment strategy at Glenmede. "People are realizing it may not have full support from the House and are taking more of a wait-and-see approach to see if this thing can gain traction."
Existing-home sales in the U.S. fell 0.8% in June from a month earlier, to the lowest level in seven months. The decline was bigger than economists had expected and comes a day after housing starts rose to the highest level in five months.
Financials helped keep the declines in check and were the S&P 500's biggest-gaining sector, rising 1.1%. E*Trade Financial surged 1.77, or 14%, to 14.72. The online brokerage disclosed it received a letter from hedge-fund group Citadel, its largest shareholder, requesting that E*Trade explore a possible sale of the company.
Goldman Sachs Group rose 4.26, or 3.3%, to 132.75, and Morgan Stanley gained 74 cents, or 3.5%, to 21.72.
Bank of America was the Dow's biggest gainer, rising 28 cents, or 2.9%, to 9.85, a day after reporting its third loss in four quarters. The stock still is down 10% this month.
"This is a bit of a relief rally now that the majority of the big financial earnings are behind us," said Jamie Cox, managing partner at Harris Financial Group.
Among stocks in focus, Yahoo dropped 1.11, or 7.6%, to 13.48. The Internet company's second-quarter revenue declined, and it provided disappointing projections for the current quarter amid struggles with its core online-advertising business.
Real-estate website Zillow soared on its first day of trading. The company's stock opened at $60, three times as high as its initial public offering price of $20. It closed up 15.77, or 79%, to 35.77.
Nalco Holding soared 7.00, or 24%, to 35.87, after the water-treatment and pollution-control company agreed to be acquired by Ecolab in a deal valued at $8.1 billion, including debt. Ecolab fell 4.08, or 7.4%, to 51.31.
Clorox rose 1.77, or 2.4%, to 74.34, after Carl Icahn raised his offer to buy the household-products maker to $80 a share. The billionaire activist investor said Clorox's stance that his original offer was inadequate seemed "a bit absurd."
Riverbed Technology slumped 9.35, or 23%, to 32.05. The network-products maker's second-quarter revenue rose less than expected on weak demand and sales execution in Europe.
Hanesbrands said it is raising prices for a third time this year, meaning its cotton-intensive products like T-shirts and underwear will be 30% more costly than a year ago. Shares fell 3.02, or 9.1%, to 30.24.
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