(CNBC) -- The S&P 500 closed near the flatline on Wednesday after Federal Reserve Chairman Jerome Powell said substantial economic improvement is needed for the central bank to start dialing back its easy-money policies.
The broad equity benchmark erased earlier losses and ended the session little changed at 4,400.64. The tech-heavy Nasdaq Composite climbed 0.7% to 14,762.58. The Dow Jones Industrial Average dipped 128.12 points, or 0.4%, to 34,930.27. The major averages pulled back from their records in the previous session, snapping a five-day winning streak.
Google-parent Alphabet popped more than 3% after the tech giant posted quarterly results, registering a 69% jump in advertising revenue. Boeing shares climbed 4.2% after the manufacturer posted its first profit since the third quarter of 2019 thanks to a rebound in aircraft deliveries.
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