Banks led stocks lower on Wednesday as the S&P 500 stalled near a 10-month-high after signs of weak European business activity rekindled concerns about a recession overseas.

The Dow Jones industrial average <.DJI> was down 26.72 points, or 0.21 percent, at 12,938.97. The Standard & Poor's 500 Index <.SPX> was down 4.57 points, or 0.34 percent, at 1,357.64. The Nasdaq Composite Index <.IXIC> was down 15.40 points, or 0.52 percent, at 2,933.17.

(Reporting by Ryan Vlastelica; Editing by Kenneth Barry)