Stocks fell moderately early Wednesday as another advance in oil prices limited investors' enthusiasm about an upbeat profit report from Hewlett-Packard Co.

H-P's report indicated that some sectors like technology are faring better than the financial stocks that have been pummeled by the credit crisis.

But oil, which has rebounded this week after dropping $35 from its July 11 high of $147.27, continued its rise. A barrel of light, sweet crude rose $1.75 to $116.28 on the New York Mercantile Exchange.

High fuel costs have contributed to recent surges in inflation for businesses and consumers, so investors grew uneasy watching crude regain ground.

In the first hour of trading, the Dow Jones industrial average fell 34.61, or 0.30 percent, to 11,313.94. Concerns about inflation and the financial sector have dogged investors in recent sessions, leading the Dow to post its worst two-day performance since late June on Monday and Tuesday.

Broader stock indicators also fell Wednesday. The Standard & Poor's 500 index slipped 3.49, or 0.28 percent, to 1,263.20, while the Nasdaq composite index fell 0.88, or 0.04 percent, to 2,383.48.

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