Stocks traded little changed Wednesday as investors considered the latest batch of stronger-than-expected economic data and digested meeting minutes from the Federal Reserve.
Each of the three major indexes hugged the flat line, with the S&P 500 and Dow hovering near record levels.
Investors this week have been digesting a spate of better-than-expected economic data, with job growth accelerating faster-than-anticipated, an index of service sector activity reaching a record level and manufacturing activity expanding by the most in decades in recent months. The International Monetary Fund upgraded its global growth forecast to 6% this year from the 5.5% rise seen previously, largely reflecting the quick recovery in the U.S. economy. And JPMorgan Chase CEO Jamie Dimon said Wednesday that the current U.S. economic boom “could easily run into 2023” amid the massive fiscal and monetary policy support provided to individuals and businesses.