Turning negative after a 122-point jump, the Dow Jones Industrial Average fell as much as 165 points, and was lately down 66.87 points, or 0.4 percent, to 17,213.96, with McDonald’s leading blue-chip losses that included 21 of 30 components.
The S&P 500 declined 9.68 points, or 0.5 percent, to 1,992.65, with utilities pacing losses and telecommunications the sole sector of 10 major industry groups on the rise.
The Nasdaq dropped 40.57 points, or 0.9 percent, to 4,613.00.
For every share climbing, nearly three fell on the New York Stock Exchange, where 555 million shares traded as of 2:45 p.m. Eastern. Composite volume neared 3 billion.
The U.S. dollar gained against other global currencies and dollar-denominated commodities including gold and oil fell.
“There are winners and losers as a result of the fall in oil prices. Overall, lower energy costs are a net positive for the U.S. economy. Energy prices are exacerbating already existing Russian woes, and the ruble fell to record lows versus the dollar,” Bill Stone, chief investment strategist at PNC Asset Management Group, wrote in emailed commentary.
Gold futures for February delivery shed $7.00, or 0.6 percent, to $1,215.50 an ounce.
The yield on the 10-year Treasury note used to figure mortgage rates and other consumer loans rose 2 basis points to 2.1053 percent.