The Nasdaq briefly fell 1 percent on Wednesday as an early rally on strong economic data was quelled by uncertainty around Federal Reserve Chairman Ben Bernanke's address later this week.

The Dow Jones industrial average dropped 33.71 points, or 0.30 percent, to 11,143.05. The Standard & Poor's 500 Index dropped 3.98 points, or 0.34 percent, to 1,158.37. The Nasdaq Composite Index dropped 21.08 points, or 0.86 percent, to 2,424.98.