Nasdaq turned negative on Wednesday, while the Dow industrials and the S&P 500 pared gains as investors worried that surging oil prices may hurt spending and hamper any economic recovery.

The Nasdaq Composite Index <.IXIC> dropped 4.28 points, or 0.23 percent, to 1,855.85. The Dow Jones industrial average <.DJI> rose 46.25 points, or 0.53 percent, to 8,809.31. The Standard & Poor's 500 Index <.SPX> gained 3.43 points, or 0.36 percent, to 945.86.