By Anora Mahmudova and Barbara Kollmeyer, MarketWatch Strategist: 2,040 proving a tough barrier for the S&P 500

NEW YORK (MarketWatch) -- U.S. stocks ended Wednesday's choppy session essentially flat, as the main indexes struggled to stay in record territory.

The S&P 500 and Dow Jones Industrial Average snapped a five-day streak closing at a new high, as falling oil prices and heightened geopolitical risks turned investors cautious.

European equities fell sharply as news of Russian weaponry entering Ukraine stoked fears of escalating violence in the region.

The S&P 500 (SPX) closed 1.46 points lower at 2,038.22, as utilities and energy sector stocks sold off.

The Dow Jones Industrial Average (DJI) dipped in and out of negative territory and closed 2.7 points weaker at 17,612.20

The Nasdaq Composite (RIXF) defied the trend and closed higher, adding 14.58 points, or 0.3%, to 4,675.13.

A roadblock for the S&P 500: Chris Beauchamp, market analyst at IG, said 2,040 has proved to be a barrier for the S&P 500. "Technical indicators still point to a market that is overbought and looking to pause for breath, with the quieter mid-November period providing an ideal time for a brief consolidation," Beauchamp said in a note. (Also see: Five red flags raised by stock market's record run http://www.marketwatch.com/story/5-red-flags-raised-by-stock-markets-record-run-2014-11-12.)

Need to Know: Santa rally is on track, barring another euro crisis

Retailers, banks in the spotlight:Macy's Inc.(M) shares rose 5.1%, despite the retailer cutting its earnings and sales guidance for the year, after posting a disappointing third-quarter sales performance.

Fossil Group Inc.(FOSL) surged 8.4% after the company topped expectations with third-quarter results and renewed a licensing agreement with Michael Kors Holding Ltd. (KORS).

J.M. Smucker Co.(SJM) shares dropped 3.6% as the company cut its outlook for the year after its Folgers coffee brand suffered a decline in sales driven by consumers avoiding higher prices.

Shares of Susquehanna Bancshares(SUSQ) jumped 32% after the company agreed to be bought by BB&T Corp. (BBT) in a cash and stock deal valued at $2.5 billion.

Plug Power Inc. (PLUGD) tumbled 16% after the fuel-cell-technology company reported a bigger quarterly loss than expected.

Shares of Citi(C) and J.P. Morgan Chase & Co.(JPM) shares fell after U.S., Swiss and British regulators fined those banks and three others $3.3 billion in total over allegations they tried to manipulate the foreign exchange market. Read: "Have that my son", "Bravo" -- chat logs from FX probe revealed (and it's no boring read)

Bank stocks fell in London, with shares of HSBC Holdings PLC (HSBC) -- among those banks fined over currency manipulation -- down 0.8%. Asia stocks largely rose, with the China Shanghai Composite Index gaining 1% to close at an almost three-year high.

Oil remains under pressure: Oil prices came under pressure again, with WTI crude (CLZ4) dropping 1.4% as the market continued to fret about oversupply. Gold prices (GCZ4) settled lower and the dollar(USDJPY) held on to the Yen115 level as the market awaited news on whether Japan will delay a planned sales tax increase.

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