NEW YORK, New York - U.S. stocks were mixed on Wednesday.
"The market is expensive where it is and people are worried about any chance of inflation and rates going higher, which would justify a little bit of compression of multiples," Olivier Sarfati, head of equities at GenTrust told Reuters Thomson Wednesday.
"The drop in bond yields is like a canary in the coal mine and is for now helping growth stocks, while large cyclical stocks are showing signs of weakness may be because investors are questioning the passage of the huge infrastructure package," Sam Stovall, chief investment strategist at CFRA Research told the news agency.
The Standard and Poor's 500 hit a new intraday high but closed off 20.49 points or 0.46 percent at 4,402.66.
The Nasdaq Composite edged up 19.24 points or 0.13 percent to 14,780.53.
The Dow Jones industrials performed worst of all, shedding 323.73 points or 0.92 percent to 34,792.67.
The U.S. dollar was in demand Wednesday. Approaching the New York close the euro had slipped to 1.1839. The British pound slid to 1.3890, while the Japanese yen was weaker at 109.45. The Swiss franc eased to 0.9062.
The Canadian dollar fell to 1.2548. The Australian dipped to 0.7380. The New Zealand dollar was easier at 0.7044.
On overseas equity markets the FTSE 100 in Londonfirmed by 0.26 percent. The Dax in Germany was up 0.88 percent, while in Paris, France the CAC 40 climbed 0.33 percent.
On Asian markets, the Nikkei 225 in Tokyo ended down 57.75 points or 0.21 percent at 27,584.08.
In Australia, the All Ordinaries rose 28.20 points or 0.36 percent to 7,778.70. Meantime the S&P/ASX 200 jumped 0.4% to a new record high of 7503.20.
China's Shanghai Composite advanced 29.23 points or 0.85 percent to 3,477.22.
In Hong Kong, the Hang Seng jumped 231.73 points or 0.88 percent to 26,426.55.