Dow at Record, Nasdaq Snaps Winning Streak

U.S. stocks closed narrowly mixed on Wednesday after struggling to stay positive amid firming oil prices, moderate housing data and some debate over Fed Chair Janet Yellen’s congressional testimony. the Dow Jones industrial average gained 15.38 points, or 0.08%, to 18,224.57. The S&P 500 was down 1.62 points, or 0.08%, to 2,113.86. The Nasdaq Composite was down 0.98 point, or 0.02%, to 4,967.14.

Global oil prices rebounded sharply Wednesday after a mixed US oil inventories report left traders focusing on its positive elements for demand. New York’s benchmark West Texas Intermediate for April leaped $1.71 to close at $50.99 a barrel.

New-home sales in January held close to the fastest pace in more than six years, consistent with slow and steady progress that’s been the hallmark of the U.S. housing market since early 2012. Americans purchased 481,000 properties at an annualized rate last month, little changed from the 482,000 pace in December that was the strongest since June 2008, Commerce Department data showed Wednesday in Washington.

Federal Reserve Chairwoman Janet Yellen came under fire from Republican lawmakers who charged she had politicized the central bank, allegations she rejected in her most acrimonious congressional hearing in a year as Fed chief.