(CNBC) — U.S. stocks closed off session highs on Wednesday as a renewed decline in oil and disappointment on Disney earnings pressured stocks, amid mixed signals on the timing of an interest rate hike.
"I think there are really two things going on," said Jack Ablin, chief investment officer at BMO Private Bank. "One is there's a growing sense the Fed doesn't know what it's going to do. They're going to take it as it comes. The other thing holding back investors incrementally is we have a jobs report Friday."
Stocks attempted mild gains after coming off highs as oil reversed to fall more than 1 percent lower. Energy was one of two lagging sectors in the S&P 500, while Chevron added to Disney's pressure on the Dow.
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