The stock market fell on Thursday, erasing its early gains, as investors remained on edge following Russia's retaliatory measures over Western sanctions.
Investors were wary over any possible impact from Moscow's ban on imports of many Western foods, which followed Western sanctions for Russia's support of rebels in eastern Ukraine.
The Dow Jones industrial average fell 75.07 points, or 0.46 percent, to 16,368.27, according to preliminary figures. The Standard & Poor's 500-stock index lost 10.67 points, or 0.56 percent, to 1,909.57. The Nasdaq composite index dropped 20.08 points, or 0.46 percent, to 4,334.97.
The stock market has fluctuated for much of the past two weeks, and investors see few reasons to commit more capital, analysts said.
"We've been all over the place," said Kim Forrest, senior equity research analyst at the Fort Pitt Capital Group in Pittsburgh. "There's just not enough market participants to absorb either the demand for stocks when people are buying or demand for buyers when they're selling."
Consumer staples shares, the bright spot of trading on Wednesday, slipped 0.8 percent on Thursday. Most of the S.&P. 500's 10 sectors were lower, backtracking from brief gains in the morning that were fueled by earnings reports and a drop in new claims for unemployment benefits.
While Moscow's ban on Western food imports could hurt European economies that have close trading ties to Russia, some analysts believed the measures were unlikely to make a significant dent in the American economy.
"Russia isn't that large a trading partner for the U.S., except for things like poultry," Ms. Forrest said.
Shares of iDreamSky Technology jumped 6.3 percent to $15.94 after trading as high as $19.05 in the mobile game company's trading debut, blowing past its initial public offering price of $15 a share. The company's market value hit $811.3 million at its peak.
Health insurer stocks took a hit after Goldman Sachs downgraded Aetna to neutral and cut earnings estimates on a number of its peers. Aetna fell 4 percent to $75.22, the UnitedHealth Group lost 2.8 percent to $79.26 and Cigna fell 3 percent to $88.75.
Twenty-First Century Fox posted the biggest gain in the S.&P. 500, surging 5.1 percent to $33.96 after the company's quarterly profit beat Wall Street's expectations.
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