Nasdaq, S&P slip; Dow ticks above 22,647 level, hits new record high

The Nasdaq and the S&P fell on Wednesday as investors likely took profits on tech stocks, the best performing sector in the recent rally, while the Dow touched a record high.

Seven of 11 major S&P indexes were down, led by the information technology and Industrials.
The S&P information technology index, up about 26 per cent this year, was on pace to post its first losses in seven sessions.

"The market has been on a slow drift upward, in anticipation of the earnings season coming and the hopes about tax reform," said Rick Meckler, president of investment firm LibertyView Capital Management in Jersey City.

"I think you're just seeing some small profit taking in the absence of new news."

The dollar was off seven-week highs on speculation that US President Donald Trump's choice for the next head of the Federal Reserve could be a less hawkish candidate than had previously been expected.

US Federal Reserve Chair Janet Yellen is scheduled to address the Community Banking in the 21st Century Research and Policy Conference hosted by the Federal Reserve Bank of St Louis.
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