Modest gains still mean records for S&P, Nasdaq

Stocks on Wall Street closed with modest gains Wednesday, driving the S&P 500 and Nasdaq to all-time highs for the second day in a row.

The S&P 500 added 9.96 points to 4,496.19. The index is on pace for a 1.2% weekly gain after closing out last week with its first weekly loss in three weeks.

The Dow Jones Industrial Average rose 39.24 points, or 0.1%, to 35,405.50. The Nasdaq gained 22.06 points, or 0.2%, to 15,041.86. The major indexes bounced back from modest declines in the early going. The Russell 2000 index picked up 8.36 points, or 0.4%, to 2,239.27.

Bond yields moved broadly higher. The yield on the 10year Treasury note rose to 1.35% from 1.28% the day before.

Trading has been mostly quiet this week ahead of the Federal Reserve’s annual convention in Jackson Hole, Wyoming, which begins today.

The KBW Bank Index, which tracks the 24 largest banks in the country, rose 1.8% as financial stocks rallied Wednesday. JPMorgan rose 2.1%.

Industrial stocks and a variety of retailers, homebuilders and other companies that rely on consumer spending also helped lift the market. Deere & Co. rose 2.3%, D.R. Horton added 1.3%, Domino’s Pizza gained 2.1% and Caesar’s Entertainment picked up 4.1%.

Health care stocks were the biggest decliner in the S&P 500. Pfizer was among the biggest drags on the sector, shedding 1.8%.

Dick’s Sporting Goods jumped 13.3% after reporting a surge in quarterly sales and a special dividend.