Stocks Ended Mostly Higher, Nasdaq Hit Record High

U.S. stocks ended mostly higher on Wednesday, with the Nasdaq Composite hit record high, as Pfizer’s (PFE) coronavirus vaccine candidate showing progress in a trial phase and the Federal Reserve’s pledge to keep the monetary spigots open “for years”. The Dow Jones Industrial Average fell 77.91 points, or 0.30%, to 25,734.97. The S&P 500 added 15.57 points, or 0.50%, to 3,115.86. The Nasdaq Composite rose 95.86 points, or 0.95%, to 10,154.63.

Oil futures ended higher Wednesday after a U.S. government report showed the largest weekly decline in domestic crude inventories so far this year. West Texas Intermediate crude for August rose 55 cents, or 1.4%, to settle at $39.82 a barrel. Brent oil for September picked up 76 cents, or 1.8%, to $42.03 a barrel.

Market participants parsed minutes from the Fed’s June 9-10 meeting where the rate-setting Federal Open Market Committee agreed to provide clarity in future communications about what would cause the central bank to keep rates close to zero or move them higher.