NEW YORK -- U.S. stocks slipped Wednesday after their recent record-setting run. Energy companies stumbled, but basic materials makers rose.
The Dow Jones industrial average rose 32.60 points, or 0.2 percent, to 20,775.60. The Standard & Poor's 500 index fell 2.56 points, or 0.1 percent, to 2,362.82. The Nasdaq composite shed 5.32 points, or 0.1 percent, to 5,860.63. The Russell 2000 index of small-company stocks slid 6.49 points, or 0.5 percent, to 1,403.86. More stocks fell than rose on the New York Stock Exchange.
While energy stocks fell with the price of oil, most other sectors were largely unchanged. Technology companies eked out a small gain. They have risen every day this month to reach their highest mark since 2000. DuPont and Dow Chemical rose after reports that European officials could approve their merger soon.
After an extended streak of gains, investors didn't make many big moves. They spent most of the day waiting for the minutes from the Federal Reserve meeting three weeks ago, but those minutes contained few surprises.
Kate Warne, an investment strategist for Edward Jones, said the Fed's decision-makers are waiting to learn more about President Donald Trump's policy proposals and Congress' reaction to them. That might take a few months. Investors, too, will wait, she said.
"They want to see the data, they want to see more on inflation, and they would like more certainty about any fiscal policy changes," she said.
Shares of DuPont climbed $2.63, or 3.4 percent, to $79.80, and Dow Chemical gained $2.45, or 4 percent, to $63.67. Reuters reported that regulators in the European Union are close to approving their $62 billion combination. Antitrust officials in the U.S. and elsewhere would still have to approve that deal.
Investors appeared to grow more optimistic about a second deal in the chemicals industry: Monsanto, which has accepted a $66 billion offer from Bayer but is waiting for regulatory approval, rose 81 cents to $111.38.
The minutes from the Fed meeting showed that officials discussed the importance of raising their primary interest rate soon, especially if the economy stays strong. Some Fed officials were worried that if interest rates stay too low, the expanding economy could cause inflation to rise too fast.
Investors don't generally expect the Fed to raise interest rates at its March meeting. But bond prices changed course and turned higher. The yield on the 10-year Treasury note fell to 2.41 percent from 2.43 percent late Tuesday.
Energy companies traded lower as benchmark U.S. crude fell 74 cents, or 1.4 percent, to $53.59 a barrel in New York. Brent crude, the standard for pricing international oils, fell 34 cents to $55.84 a barrel in London.
Oil and gas company Concho Resources slid $9.65, or 6.8 percent, to $131.70 after a weak fourth-quarter report. Newfield Exploration declined $3.42, or 8 percent, to $39.07 as analysts expressed concerns about its forecasts for the current year.
Gold slipped $5.60 to $1,233.30 an ounce. Silver lost 5 cents to $17.95 an ounce. Copper fell 1 cent to $2.73 a pound.
Business on 02/23/2017