With the bulk of third-quarter earnings reported and pre-announcements for the fourth quarter still to come, the market is especially sensitive to economic data, said Charles G. Crane, strategist for Victory SBSF Capital Management. In particular, the market was waiting for this week’s Labor Department reports.

"Every month that passes, those statistics will become more politically charged," Crane said. "And when you add that element to the analysis, it can create some unpredictable effects on stock prices."

At the close of trading, the Dow Jones industrial average was down 18.00, or 0.2 percent, at 9,820.83.

The broader market indexes were narrowly mixed. The Nasdaq composite index ended the day up 1.41, or 0.1 percent, at 1,959.37. The Standard & Poor’s 500 index was down 1.44, or 0.1 percent, at 1,051.81.

A government report showing a rebound in orders to U.S. factories in September signaled more economic improvement today. That followed a more forward-looking industry report earlier this week that said manufacturing in October was at its highest level in nearly four years.

The Institute for Supply Management reported today that the U.S. service sector expanded for a seventh straight month, and that employers have started hiring again — a further signal that things are looking up.

The markets got a boost last month from encouraging economic data, merger news and generally good financial results, but analysts say there may be less momentum between now and the end of the year.

If weekly unemployment claims reported tomorrow and monthly employment figures due Friday are strong, it could help lure more investors from the sidelines.

"There’s certainly some hesitation today," said Michael Sheldon, chief market strategist at Spencer Clarke LLC. "The monthly employment data Friday will either corroborate recent evidence showing the economy is improving or indicate that last month’s job gain was an aberration."

Some investors might have been holding off in anticipation of results from technology bellwether Cisco Systems Inc., which beat analyst expectations in earnings reported after the close. Cisco, which closed up 22 cents at $21.80 in regular trading, gained 4.5 percent in after-hours dealings.

Qualcomm Inc. and News Corp. also were reporting earnings after the bell.

Priceline.com sank $7.59, or 26 percent, to $21.66 after lowering its outlook for the fourth quarter because of weak airline ticket sales. The online travel broker matched estimates in third quarter results announced after the market closed yesterday.