By Barbara Kollmeyer, MarketWatch , Ryan Vlastelica
Investors looking ahead to Fed meeting minutes
The Dow Jones Industrial Average notched another all-time high Wednesday while other indexes lagged behind as investors appeared reluctant to press most shares higher following a string of records ahead of the Thanksgiving holiday.
The S&P 500 pulled back slightly a day after finishing at a record, while the Nasdaq was pressured by a drop in biotech stocks.
The Dow Jones Industrial Average rose 28 points to 19,052, up 0.15% on the day, after hitting a session high of 19,066.25, a record.
The S&P 500 fell 3.7 points, or 0.17%, to 2,199, while the Nasdaq Composite Index shed 23 points to 5,363, a loss of 0.4%.
"There's some short-term protection measures being put into place, and a little bit of profit-taking. We're going into a holiday, and traders don't want to have fixed positions going into a day off, a half-day, and a weekend," said Sean O'Hara, president of Pacer ETFs Distributors.
The Nasdaq saw outsize losses due to weakness in the biotech sector, which slumped following some negative drug trial results. Equities overall also saw some pressure from the stronger U.S. dollar , which drove a closely tracked index of the currency's strength to a 13-year high (http://www.marketwatch.com/story/dollar-becalmed-as-holiday-mood-hits-markets-2016-11-23). A stronger dollar can erode the profits of multinational companies.
See:Don't blame the dollar when the Trump rally gets smashed (http://www.marketwatch.com/story/trump-rally-has-99-problemsbut-the-dollar-isnt-one-in-a-chart-2016-11-22)
The stock market will be closed in the U.S. on Thursday and it will close early on Friday (http://www.marketwatch.com/story/heres-when-markets-close-on-black-friday-2016-11-18). Many traders and other market participants will be out for the holiday, which could mean a quieter market, although the lighter volume could also leave it susceptible to bigger swings if unexpected headlines occur.
The Dow, S&P, and Nasdaq--along with the Russell 2000 --all hit records on Wednesday and closed at new highs. The was the second straight session for the four to do so, the first time that the four indexes hit simultaneous and consecutive records since March 1999. Both the Dow and the S&P closed above psychological milestones on Tuesday, with the blue-chip index ending above 19,000 and the S&P topping 2,200. However, those levels hold little fundamental or technical significance.
Opinion:Why the Dow at 19,000 is no cause for celebration (http://www.marketwatch.com/story/dow-19000-is-no-cause-for-celebration-2016-11-22)
In the latest economic data, durable goods surged 4.8% in October (http://www.marketwatch.com/story/durable-goods-orders-see-jet-fueled-48-gain-in-october-2016-11-23), in large part due to strong demand for commercial aircraft. Separately, the number of American applying for jobless benefits rose more than expected in the latest week (http://www.marketwatch.com/story/jobless-claims-jump-18000-to-251000-2016-11-23), although the increase comes just one week after claims dropped to a 43-year low.
Read: Tom DeMark now sees 5%-6% retreat for stock markets in wake of Trump rally (http://www.marketwatch.com/story/tom-demark-now-sees-5-6-retreat-for-stock-market-in-wake-of-trump-rally-2016-11-22)
Stocks to watch:Eli Lilly(LLY) shares skidded 12% after the company said its Alzheimer's drug failed (http://www.marketwatch.com/story/eli-lilly-shares-slide-premarket-after-company-says-alzheimers-drug-trial-failed-2016-11-23). The decline was part of a broader fall in health care names. The iShares Nasdaq Biotechnology ETF (IBB) fell 0.6%.
Exclusive:T-Mobile's accounting slammed by investor group in letter to SEC (http://www.marketwatch.com/story/t-mobiles-accounting-slammed-by-investor-group-in-letter-to-sec-2016-11-23)
Also weighing on the biotech sector was Juno Therapeutics Inc. (JUNO) which plunged 28% after the company said two patients in its cancer trial had died (http://www.marketwatch.com/story/juno-therapeutics-halts-midstage-clinical-trial-after-patient-death-2016-11-23).
Deere & Co.(DE) rose 10% after profit and sales beat expectations. (http://www.marketwatch.com/story/deeres-stock-surges-after-profit-and-sales-beat-expectations-2016-11-23)Deere's results helped lift Caterpillar Inc.(CAT) 2.4%. The heavy machinery maker was the top gainer among Dow components.
Hewlett Packard Enterprise Co.(HPE) and HP Inc.(HPQ) both reported earnings (http://www.marketwatch.com/story/hewlett-packard-revenues-shrink-just-like-the-company-2016-11-22) late Tuesday. Shares of Hewlett rose 1.8% while HP tumbled 5.2%.
Read:Hewlett-Packard revenues shrink, just like the company (http://www.marketwatch.com/story/hewlett-packard-revenues-shrink-just-like-the-company-2016-11-22)
Urban Outfitters Inc.(URBN) shares fell 9.3% after an earnings miss (http://www.marketwatch.com/story/urban-outfitters-shares-slip-after-earnings-miss-2016-11-22).
Other markets: European stocks were largely weaker, though the FTSE-100 index (http://www.marketwatch.com/story/commodity-stocks-pull-ftse-100-higher-once-again-2016-11-23) bucked that trend with a 0.6% gain, led by basic materials companies. U.K. Chancellor of the Exchequer Philip Hammond is scheduled to deliver his "autumn statement" to parliament later Wednesday.
Oil prices fell slightly on the day after U.S. inventory data from the Energy Information Administration showed a rise in stockpiles, a negative sign for demand. However, crude prices have been buffeted ahead of next week's meeting of the Organization of the Petroleum Exporting Countries.
Gold prices fell 2.1%, hurt by the rise in the dollar. The SPDR Gold Trust(GLD) fell sharply on the day (http://www.marketwatch.com/story/gold-etf-has-another-day-of-pain-falls-to-lowest-since-february-2016-11-23), continuing a recent downtrend.
(END) Dow Jones Newswires
November 23, 2016 12:00 ET (17:00 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.