Traders are watching closely to see whether Cyprus successfully reopens its banks after a two-week shutdown. They're also unsettled by Italy's failure to form a government and get moving with economic reforms.
The Dow Jones industrial average closed down 33 points, or 0.2 percent, at 14,526 Wednesday. It was down as much as 120 earlier.
The Standard & Poor's 500 fell just under a point to 1,562. It's a little more than two points away from the all-time high it reached in October 2007.
The Nasdaq composite rose four points, or 0.1 percent, to 3,256.
Rising stocks outnumbered falling ones on the New York Stock Exchange. Volume was light at 2.8 billion shares.
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