Stocks treaded water on Wednesday as Wall Street measured renewed political worries surrounding President Donald Trump against strong corporate earnings.
The S&P 500 closed largely unchanged at 2,861.82 as energy and tech outperformed. Energy stocks were boosted by a 3 percent rally in oil. The Nasdaq Composite, meanwhile, rose 0.4 percent to close at 7.889.10 as Netflix and Amazon gained 1.9 percent and 1.1 percent, respectively. The Dow Jones Industrial Average slipped 89 points, however, closing at 25,733.60.
Wednesday's moves took place as the current bull market was set to become the longest on record. Target shares jumped on strong earnings, helping stocks offset some of the losses. Home-improvement retailer Lowe's also reported better-than-expected earnings, sending its stock up more than 6 percent.
The current bull market turned 3,453 days old on Wednesday. In that time, the S&P 500 has skyrocketed more than 300 percent in that time period. On Tuesday, it tied the one that ran from October 1990 to March 2000.
"Sentiment in the financial markets was so low after the crisis that it appeared we were going to get a bounce," said Jeff Zipper, managing director of investments at U.S. Bank Private Wealth Management. "But I don't think we were expecting one of this magnitude."
Target reported better-than-expected quarterly earnings on the back of its best same-store sales growth in 13 years. The report sent Target shares up by more than 3 percent.