Investing.com -- U.S. stocks were relatively flat on Wednesday, as the Dow Jones Industrial Average and S&P 500 Composite index both pared gains after hitting fresh all-time highs, amid crashing oil prices and a weaker dollar.
The Dow added 24.45 or 0.13% to 18,372.12, posting its fourth straight gain and closing at a record-high for the second straight session. At session-highs, the Dow gained more than 40 points to reach an all-time high of 18,390.16. Since plunging 850 points in the immediate aftermath of last month's Brexit decision, the Dow has rallied approximately 1,200 points or more than 7% over the last three weeks.
The S&P 500 Composite index inched up 0.29 or 0.01% to close at 2,152.43, turning positive in the final minutes of the session. At one point, the S&P 500 rose as high as 2,156.45, hitting an all-time record high for the third straight day. For context, analysts set their year-end target for the S&P 500 at 2,150 at the start of 2016. Despite the mild declines, the S&P 500 is in the midst of its strongest 10-day rally since 2011. Entering Wednesday's session, the S&P also experienced its highest upside volume period for a 10-day period dating back to 2009. Stocks in six of 10 sectors closed in the green, as the Telecom and Utilities sectors led. Stocks in the Energy and Consumer Services industries lagged, each falling more than 0.25%.
Meanwhile, the NASDAQ Composite index closed at 5,005.73, down 17.09 or 0.34% on the day. Previously, the NASDAQ closed higher in nine of 10 sessions bouncing from three-month lows in late-June.
The top performer on the Dow was UnitedHealth Group Incorporated (NYSE:UNH), which added 1.63 or 1.17% to 141.49. It came one day after the nation's largest managed health care company came to terms on a deal with Mission Health Partners, enabling UnitedHealth's Medicare enrollees to gain access to the network's facilities and physicians in North Carolina. UnitedHealth serves more than 180,000 Medicare Advantage patients and nearly 1.3 million people in the Tar Heels state. The worst performer was Home Depot Inc (NYSE:HD), which fell 1.31 or 0.97% to 133.53. Since the Dow last hit a record-high in May, 2015, Home Depot (NYSE:HD) has been one of the top performing stocks, jumping approximately 20% over the last 14 months.
The biggest gainer on the NASDAQ was CSX (NASDAQ:CSX), which added 1.19 or 4.40% to 28.21. CSX, one of the top railway companies in North America, reported stronger than expected second quarter earnings on Wednesday, providing a boost to transport stocks on Wall Street. CSX officials said they were forced to release their quarter results earlier than expected after a post on Twitter around 2 p.m. EST disclosed inaccurate quarterly figures.
The worst performer was Incyte Corporation (NASDAQ:INCY), which fell 2.41 or 2.84% to 82.56. Despite the slight decline, shares in the Delaware-based pharmaceutical company are still up by more than 13% over the last three months. Incyte shares have been bolstered by the performance of Jakafi, the company's drug treatment for patients with rare stem cell disorders. Over the first quarter, Jakafi sales reached $183 million for the three-month period, representing a spike of 59% on an annual basis.
Investors traded relatively cautiously ahead of the release of JPMorgan Chase & Co's (NYSE:JPM) second quarter results on Thursday. JP Morgan, the world's largest investment bank, will kick off a two-day period of earnings releases in the financial sector.
On the New York Stock Exchange, declining issues outnumbered advancing issues by a 1,579-1,451 margin.