Traders work on the floor of the New York Stock Exchange.(Photo: Spencer Platt, Getty Images)
Stocks cut early gains and turned lower in morning trading as geopolitical concerns kept investors on edge.
Markets came under pressure after the U.K. said it's raising its terror threat level to severe in response to events in the Middle East. That added to concerns over an escalating conflict between Russia and Ukraine.
The Standard & Poor's 500 index was down 0.1% and under the 2000 mark after briefly jumping above the milestone at the open. Despite the dip, the benchmark index was on track for its best August since 2000 with a 3.4% gain.
The Dow Jones industrial average was down 0.2% and the Nasdaq composite index was flat.
In economic news, consumer spending unexpectedly fell in July as it dropped 0.1%. Economists expected a 0.2% rise. The government also said personal income rose 0.2%.
European benchmarks turned lower after Britain's terror alert was raised with the FTSE 100 giving up gains and trading flat. Germany's DAX was down 0.4% and France's CAC-40 fell 0.2%.
Asian markets were mixed, as weak economic data shows Japan is still struggling to recover from a sales tax hike. The Nikkei 225 lost 35.27 points, or 0.2%, to 15,424.59 while Hong Kong's Hang Seng index was essentially flat at 24,742.06 and the Shanghai Composite gained 21.38 points, or 1%, to 2217.20.
Thursday stocks fell as the Dow closed down 42.44 points, or 0.3%, to 17,079.57. The S&P 500 index dropped 3.38 points, or 0.2%, to 1996.74, retreating from its record close of 2000.12 set the day before. The Nasdaq fell 11.93, or 0.3%, to 4557.69.
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