Stocks finished mixed on Wednesday. The Dow was off 1 point to 18472. The S&P 500 slid 2 points to 2166 and the Nasdaq Composite climbed 29 points to 5139. The benchmark S&P 500 Index and the Dow Jones Industrial Average both remain perched at record highs. Big gains for the major indices were noted in prior commentaries and that bullish action signaled a new "confirmed uptrend" for the market (M criteria).  Volume totals were higher than the prior session on the NYSE and on the Nasdaq exchange. Advancers led decliners by a 4-3 margin on the Nasdaq exchange but decliners led advancers 8-7 on the NYSE. There were 74 high-ranked companies from the Leaders List that made new 52-week highs and were listed on the BreakOuts Page, versus the total of 72 on the prior session. New 52-week highs outnumbered new 52-week lows on both the NYSE and the Nasdaq exchange.

Charts used courtesy of www.stockcharts.com

PICTURED: The Dow Jones Industrial Average is consolidating in a tight range near its record high.

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The major averages fluctuated while Treasuries rallied amid a busy day for earnings and the conclusion of the Federal Reserve’s July FOMC meeting. As expected, the central bank left interest rates unchanged, but the committee did note that near term risks to the economic outlook have diminished. On the data front, durable goods orders came in well below analyst expectations in June, falling 4.0%. In a separate release, pending home sales ticked up 0.2% last month.

Six of 10 sectors in the S&P 500 finished lower on the session. Technology shares outperformed with Apple (AAPL +6.50%) rising on strong revenue guidance and increased iPhone shipments. Coca-Cola (KO -3.30%) weighed down the Consumer Staples sector after the beverage maker missed sales expectations. Elsewhere in earnings, Twitter (TWTR -14.53%) fell after once again reporting tepid user growth. Better-than-expected margins and profits propelled Panera Bread (PNRA +3.34%) higher.

Treasuries were higher along the curve with the benchmark 10-year note up 16/32 to yield 1.51%. In commodities, NYMEX WTI crude lost 2.1% to $42.02/barrel after U.S. crude inventories unexpectedly rose last week. COMEX gold gained 1.2% to $1337.20/ounce. In FOREX, the dollar rebounded 0.6% against the yen.

The Retail Index ($RLX -0.34%) edged lower while the Bank Index ($BKX +0.54%) and the Broker/Dealer Index ($XBD +0.50%) both gave a modest boost to the major averages on Wednesday. The Biotechnology Index ($BTK +2.03%) led the tech sector, but the Semiconductor Index ($SOX +0.00%) was unchanged and the Networking Index ($NWX -0.94%) fell. The Integrated Oil Index ($XOI -1.03%) and the Oil Services Index ($OSX -1.43%) both ended lower, meanwhile, the Gold & Silver Index ($XAU +4.46%) posted a standout gain.

Charts courtesy www.stockcharts.com

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