Dow Reaches New Record Closing High, Nasdaq Closes Firmly Negative
After coming under pressure early in the session, stocks regained some ground over the course of the trading day on Wednesday. The Dow climbed to a new record closing high, while the tech-heavy remained stuck in negative territory.
The Dow closed higher for the tenth time in the past twelve sessions, rising 90.27 points or 0.3 percent to 31,613.02. Meanwhile, the Nasdaq fell 82.00 points or 0.6 percent to 13,965.50 and the S&P 500 edged down 1.26 points or less than tenth of a percent to 3,931.33.
The early weakness on Wall Street came following the release of a batch of largely upbeat U.S. economic data, which painted a positive picture of the economy but also added to recent inflation concerns.
Before the start of trading, the Commerce Department released a report showing retail sales rebounded by much more than anticipated in the month of January.
The Commerce Department said retail sales spiked by 5.3 percent in January after sliding by a revised 1.0 percent in December.
Economists had expected retail sales to jump by 1.1 percent compared to the 0.7 percent decrease originally reported for the previous month.
Excluding sales by motor vehicle and parts retailers, retail sales soared by 5.9 percent in January after tumbling by a revised 1.8 percent in December.
Economists had expected ex-auto sales to increase by 1.0 percent compared to the 1.4 percent slump originally reported for the previous month.
The Federal Reserve also released a report showing industrial production increased by more than expected in the month of January.
Adding to inflation concerns, a separate report from the Labor Department showed producer prices jumped by much more than expected in the month of January.