The main indexes closed mixed Wednesday, with the Dow and small caps reaching record highs.
The Nasdaq pared losses and closed 0.1% lower as internet, biotech and some software and fiber-optic stocks lagged the market. The S&P 500 erased earlier losses and ended with a 0.1% increase.
The Dow Jones industrial average climbed 0.3%. Caterpillar (CAT) led the Dow, climbing nearly 3%. The Dow's financials also helped the average close at a record high.
The small-cap Russell 2000 continued its torrid pace. It added 0.5%, its 14th consecutive gain. The benchmark small-cap index is also at record levels.
All four major indexes closed near session highs. Volume fell, according to early figures. That's not surprising on the day before Thanksgiving.
Minutes of the November Fed meeting were released during afternoon trading, but there was little reaction in stocks. Policymakers saw a stronger case to raise interest rates, including some who favored a hike at the December meeting. A consensus has been building in financial markets that a quarter-point increase will be made next month.
A multitude of economic reports didn't move the market much. Jobless claims, durable goods orders, new-home sales and the Purchasing Managers Index of manufacturing activity were among the reports.
There were two breakouts of note.
Veeva Systems (VEEV) gapped out of a flat base with a 42.68 buy point. Shares jumped 11% and are already extended from the buy point. The medical software maker late Tuesday handily beat profit estimates and gave a bullish outlook.
Burlington Stores (BURL) moved decisively above the 87.33 buy point of a cup without handle. Volume was heavy as shares continued rallying following Tuesday's surge on quarterly earnings.
U.S. financial markets are closed Thursday for Thanksgiving Day. Stock trading will end early at 1 p.m. ET Friday. On Friday, the Purchasing Managers' Index of U.S. service sector flash report is out at 9:45 a.m. ET. The international trade report for October is out at 8:30 a.m.
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