Stocks Finish Mixed as Market Rally Pauses – The Wall Street Journal

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U.S. stocks finished mixed Wednesday as investors took a breather with major indexes at or near record highs.

The major stock indexes drifted in and out of positive territory all day. In the end, the Dow Jones Industrial Average set another record high, while the S&P 500 and Nasdaq Composite slipped below their record levels.

The Dow Jones Industrial Average rose 61.97 points, or 0.2%, to 31437.80, eclipsing the record it set Monday. The S&P 500, which also set a record high Monday, slipped 1.35 points, less than 0.1%, to 3909.88, and the Nasdaq Composite lost 35.16 points, or 0.25%, to 13972.53. The Nasdaq on Tuesday set another record high, its 10th this year.

The small-cap Russell 2000 fell 16.6 points, or 0.7%, to 2282.44. The index is still up almost 16% for the year, far outpacing the three main large-cap indexes.

Despite sitting in record territory, large-cap stocks don’t appear to be overbought, said Frank Cappelleri, executive director at the brokerage Instinet, and he doesn’t think a big selloff is likely. The market might, however, be in for a period of range-bound trading. “We’re due for some sort of pause,” he said.

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