Stovall said he did not think the market’s advance was in danger of being derailed, but said “investors are still a little bit nervous.”
The Dow climbed 128.66 points, or 0.8 percent. The S&P 500 index rose 7.52, or 0.4 percent, to 1,770.49, just one point below its all-time high set Oct. 29. It’s up 24 percent so far this year.
The Nasdaq composite fell 7.92 points, or 0.2 percent, to 3,931.95. The index reached a 13-year high at the end of last month.
The Dow record came a day before one of Wall Street’s most anticipated events of 2013, Twitter’s initial public offering. The stock was expected to debut on the New York Stock Exchange under the symbol “TWTR.”
If this week’s growth and employment reports offer weak signals on the economy, they could foretell a longer period of Fed stimulus.
Economists expect that the U.S. economy grew at an annualized pace of 2 percent in the July-to-September period, down from 2.5 percent the previous quarter, according to FactSet, a financial data provider. They also forecast that U.S. employers added 122,000 jobs in October, down from 148,000 the month before.
In other news Wednesday, Ralph Lauren was among the biggest gainers in the S&P 500.
The luxury retailer rose $9.33, or 5.5 percent, to $180.52 after raising its sales forecast for the year in anticipation of a strong holiday season. Ralph Lauren also increased its quarterly dividend by 12.5 percent to 45 cents.
Tesla Motors was among the biggest decliners in the Nasdaq. The electric carmaker’s stock sank $25.65, or 14.5 percent, to $151.16 after it reported a loss. Analysts had been expecting a profit. The stock is still up almost 350 percent this year after the company turned a profit and won raves for its Model S sedan, which starts at $70,000.
The drop in Tesla’s stock was so steep that it triggered a “circuit breaker” on the Nasdaq exchange.
The rule, introduced by the Securities and Exchange Commission to prevent big stock declines from snowballing, puts restrictions on short-selling a stock that has dropped 10 percent or more from the previous day’s closing price. When traders sell stocks short, they borrow the stock and immediately sell it in the hope of being able to buy the shares back later at a lower price.