Another Dow Record as Oil Ticks Higher

The Dow Jones Industrial Average reached a fresh all-time intraday record on Wednesday as oil prices rose and traders awaited the latest monetary policy decision from the Federal Reserve.

The 30-stock galloped 224.52 points to observe noon EDT Wednesday at 52,224.19.

The S&P 500 index nosed up 4.81 points to 7,516.16.

The NASDAQ changed direction and lost 6.04 points to 26,370.31.

SpaceX traded down 5%. The stock has been on fire since the rocket company’s initial public offering last week, which was priced at $135. In that short time, shares have risen around 40%, bolting the company’s valuation above that of Amazon’s.

Shares of Intel rose 3% as part of a broader comeback among chip stocks. This comes on the heels of the company starting production of its most-advanced chip node known as 18A-P, a step that moves the company closer to securing a potential agreement to produce chips for Apple devices.

Alongside Intel, ASML advanced 5%,

Investors are looking ahead to the Fed delivering its latest policy decision at 2 p.m. It will be the first under new Chairman Kevin Warsh, who will also hold a news conference at 2:30 p.m. EDT.

Prices for the 10-year Treasury were lower, boosting keeping yields to 4.44% from Tuesday 4.43%. Treasury prices and yields move in opposite directions.

Oil prices recovered 54 cents to $76.59 U.S. a barrel.

Gold prices hiked $23.70 to $4,378.10 U.S. an ounce.