The Dow rallied in the last hour of trading after struggling for direction at midday, scoring a 106-point gain. The S&P 500 scored a small pop, while the Nasdaq settled slightly below breakeven. Investors unpacked the Federal Reserve's December meeting minutes, which revealed concerns about how President-elect Donald Trump's proposed tariff and tax plans could cause inflation to spike.

In response, the 10-year Treasury yield continued to climb, briefly topping 4.7% -- levels not seen since late April. Meanwhile, the VIX reversed earlier gains to close the session in negative territory.

Crude Inventories Rise for 7th-Straight Week

Oil futures tumbled Wednesday following a report from the U.S. Energy Information Administration (EIA), which showed commercial crude inventories fell for a seventh consecutive week. Meanwhile, stockpiles of gasoline and distillate rose considerably. February-dated West Texas Intermediate (WTI) crude lost 93 cents, or 1.3%, to settle $73.32 per barrel.

Gold prices nearly hit a four-week high on the back of today's weaker-than-expected ADP employment report. Gold for January delivery gained 0.4%, to settle at $2,676.90 an ounce.

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