After a brief dip into the red this afternoon, the Dow came back strong, ending the session up over 97 points, and notching a brand new record high. Boosting investor sentiment were the rebounding semiconductor and commodity sectors, as well as stellar corporate reports from both General Motors (GM) and Activision Blizzard (ATVI). The S&P 500 also logged a solid win, though the Nasdaq gave up earlier gains to register a modest loss.

In terms of economic data, private payrolls and the ISM non-manufacturing index came in below analysts' expectations, while the IHS Markit U.S. services purchasing managers index (PMI) topped estimates. In other news, the Biden administration said it supports waving patent protections for Covid-19 vaccines, which could expand global access to the shot.

The Dow Jones Industrial Average (DJI - 34,230.34) rose 97.3 points or 0.3% for the day. Dow Inc (DOW) led the Dow components with a 2.8% rise, while Boeing (BA) paced the laggards, falling 2.3%.

Meanwhile, the S&P 500 Index (SPX - 4,167.59) added 2.9 points, or 0.07% for the day. The Nasdaq Composite (IXIC - 13,582.42) fell 51.1 points, or 0.4% for the day.

Lastly, the Cboe Volatility Index (VIX - 19.15) fell 0.3 point or 1.7% for the day.

GOLD MOVES HIGHER AFTER YELLEN EASES INFLATION FEARS

Oil prices snapped a two-day win streak on Wednesday, despite earlier shooting for its highest close in over two years. Much of the optimism surrounding the reopening of the U.S. and European economies, as well as U.S. crude inventories' biggest weekly dip since January, ultimately faded. As a result, June-dated crude fell 6 cents, or 0.1%, to settle $65.63 per barrel. 

Gold prices also finished higher, after U.S. Treasury Secretary Janet Yellen clarified she was not recommending or predicting an interest rate hike, noting inflation isn't likely to be a problem as the economy recovers from the impacts of the pandemic. As a result, June-dated gold added $8.30, or 0.5%, to settle at $1,784.30 an ounce.