The Dow Jones industrial average notched its third record-high close in a row Wednesday, even as other market indexes ended lower.
Trading was relatively subdued as investors reviewed the latest corporate earnings news. Utilities stocks were among the biggest decliners. Energy stocks rebounded as oil prices broke a five-day slide and climbed back above $50 a barrel.
Wall Street also kept an eye on Federal Reserve Chair Janet Yellen’s second appearance before Congress in two days. Her remarks didn’t generate any major market-moving news. A day earlier, Yellen suggested that the Fed is not in a hurry to raise interest rates.
“The market is just trying to figure out whether the next move is up or down,” said David Lebovitz, global market strategist at J.P. Morgan Asset Management.
The Dow ended up 15.38 points, or 0.1 percent, to 18,224.57. McDonald’s was the biggest gainer in the 30-company index, climbing 3.9 percent. The Standard & Poor’s 500 index slipped 1.62 points, or 0.1 percent, to 2,113.86. The Nasdaq shed 1 point, or 0.02 percent, to 4,967.14. The three indexes are all up for the year.
The Dow and S&P 500 closed at record highs on Tuesday after investors were encouraged Yellen’s remarks on interest rates. Lower rates make borrowing easier and tend to be a plus for financial markets.
The Fed has kept its benchmark rate near zero since 2008. Most economists anticipate that a rate increase is not likely before June or even later this year.
A key factor in that decision will be inflation. That’s one reason investors will be focused on the release of the latest consumer price index Thursday.
