Wall Street gave up a big early advance and closed mixed today after oil prices closed above $100 for the first time and stoked fears that inflation will stymie an already troubled economy.

Soaring oil prices could bring more problems for consumers, having already made many Americans shy about spending in recent months. Consumer spending, a key driver of American economic growth, has also been shaken by falling home prices and the volatile stock market.

The market was also concerned that rising inflation might make the Federal Reserve reconsider its bias toward lowering interest rates to help the economy. The central bank, which next meets March 18, last month slashed rates by 1.25%.

“I think there are still a lot of worries in the market that we have this stagnant growth in the economy and higher prices,” a senior equities analyst at Schaeffer’s Investment Research in Cincinnati, Richard Sparks, said.

Investors likely were positioning themselves ahead of a half-dozen economic reports that could give the market further direction. Paramount will be tomorrow’s Labor Department report on consumer prices for January, which is a closely watched gauge for inflation. The Fed will also release minutes from its last meeting.

Meanwhile, new concerns that banks are facing more financial problems this year dragged the sector sharply lower — and reminded investors that the credit crisis appears far from a resolution.

The Dow Jones industrial average fell 10.99, or 0.09%, to 12,337.22 after being up more than 150 points earlier in the session.

Broader indexes also moved lower. The Standard & Poor’s 500 index fell 1.21, or 0.09%, to 1,348.78; and the Nasdaq composite fell 15.60, or 0.67%, to 2,306.20.