The Dow Jones Industrial Average climbed slightly to a record on Wednesday as investors digested a new batch of corporate earnings as well as data showing subdued inflation.
The 30-stock index doggedly held onto gains of 61.97 points to a record closing high of 31,437.80.
The S&P 500 let go of 1.35 points to 3,909.88.
The NASDAQ Composite fell 35.16 points from its all-time record to finish at 13,972.53, as Amazon, Microsoft and Apple all suffered losses.
Under Armour jumped more than 8% after reporting a surprise profit for the holiday quarter as sales were boosted by strong digital growth. Twitter popped 13.2% after the social media company beat Wall Street’s earnings and revenue expectations.
More than 60% of the S&P 500 companies have reported quarterly earnings, and 83% of them topped Wall Street’s earnings estimates, according to expert analysis.
The moves came after data from the U.S. Labor Department indicated tamed inflationary pressure. The U.S. consumer price index rose 0.3% in January, matching expectations from economists polled by Dow Jones. The core consumer price index, which excludes volatile food and energy costs, was unchanged last month.
Still, Wall Street is having a strong February with the S&P 500 up more than 5% so far. Investors remained optimistic about additional COVID-19 stimulus. House Democrats unveiled the details of a relief proposal that included $1,400 direct cheques with faster phase-outs than previous bills.
Federal Reserve Chairman Jerome Powell said Wednesday monetary policy needs to stay “patiently accommodative” to support the economy that still faces challenges in the labor market. The employment picture is “a long way” from where it needs to be, the central bank chief told the Economic Club of New York.
Prices for 10-Year Treasurys gained sharply, lowering yields to 1.12% from Tuesday’s 1.16%. Treasury prices and yields move in opposite directions.
Oil prices added 10 cents to $58.46 U.S. a barrel.
Gold prices forged out a gain of $5.80 to $1,843.30 U.S. an ounce.