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NEW YORK (CNNMoney.com) -
Stocks retreated at the open Wednesday as rising oil prices and a jump in Treasury yields kept investors on edge.
The Dow Jones industrial average (up 9.76 to 10,866.62, Charts), the broader S&P 500 (up 1.08 to 1,264.78, Charts) index and the Nasdaq composite (up 3.81 to 2,264.57, Charts) all declined modestly in the early going.
All three major gauges closed in barely positive territory Tuesday, after giving back earlier gains, with the more-than-month-long rally continuing to hit some resistance.
Adding to any hesitation Wednesday was a jump in oil prices and bond yields.
U.S. light crude oil for January rose 58 cents to $60.52 a barrel in electronic trading, ahead of the weekly oil inventory report.
Treasury prices slipped, raising the yield on the 10-year note to 4.50 percent from 4.48 percent late Tuesday. Treasury prices and yields move in opposite directions.
In corporate news, embattled automaker General Motors announced that its chief financial officer would resign after the end of his contract this month and be replaced by the chairman of GM Europe. GM (up $0.09 to $22.48, Research) shares were little changed.
Fellow automaker Ford Motor (up $0.09 to $8.20, Research) is planning to close at least 10 plants and cut up to 30,000 jobs over the next five years, according to a published report.
The dollar gained versus the euro and yen.
COMEX gold for December delivery rose $4.80 to $515 an ounce.
In global trade, major Asian markets ended higher and European markets rose at midday.
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