NEW YORK (TheStreet) -- Stocks were unable to hold on to even slight gains by the close Tuesday.
The market pulled back after a rally in crude oil was overshadowed by uncertainty over Greece and surging bond yields triggered a selloff among utilities.
The S&P 500 closed down 0.1%, the Dow Jones Industrial Average fell 0.16%, and the Nasdaq slipped 0.13%.
Bond yields rose to a two-week high on Tuesday with 10-year notes yields jumping to 2.27%. U.S. yields were supported by a rise in European yields triggered by better-than-expected consumer inflation data and optimism ahead of Friday's jobs report.
Utilities, often viewed as a lower-risk, low-growth equities alternative to bonds, sold off on the spike in yields. ConEdison (ED), FirstEnergy (FE), and PG&E Corporation (PCG) were all lower, while the Utilities SPDR ETF (XLU) fell 1.4%.
European equity markets closed lower on Tuesday after Greece submitted its latest list of reforms to creditors, though sources have told Reuters that the plan offers no major new concessions. Leaders of Germany, France and a number of Greece's other international creditors said on Monday they would work with "real intensity" to seal a deal to prevent Athens from defaulting.
Trouble in Greece is reaching a boiling point as the debt-ravaged country faces a repayment to the International Monetary Fund on Friday of 300 million euros ($329 million). In total, Greece needs to repay the IMF nearly 1.6 billion euros ($1.75 billion) this month.