It was a mixed day for markets, with the Dow dropping 71 points, after spending most of the afternoon modestly below breakeven. The S&P 500, meanwhile, failed to snatch a three-day win, but remained close to all-time high territory. The tech-rich Nasdaq was a standout, surging to another record close, as Big Tech outperformed alongside the energy sector. Optimism over Federal Reserve Chairman Jerome Powell's assurances that inflation pressure will only be temporary also helped boost stocks today, with the central bank leader adding that recent inflation should resolve itself in the coming months. 

The Dow Jones Average (DJI - 33,874.24) shed 71.3 points, or 0.2% for the day. Of the 30 Dow components, Walt Disney (DIS) saw the biggest jump, adding 1.1%, while 3M (MMM) fell to the bottom, shedding 1.4%.

Meanwhile, the S&P 500 Index (SPX - 4,241.84) dropped 4.6 points, or 0.1%. The Nasdaq Composite (IXIC - 14,271.73) added 18.5 points, or 0.1% for the day. 

Lastly, the Cboe Volatility Index (VIX - 16.32) dropped 0.3 point, or 2%.

5TH-STRAIGHT DROP IN SUPPLIES PUSHES OIL HIGHER

Oil prices got a big boost today on news that U.S. crude inventories fell for their fifth-straight week, declining by almost eight million barrels, which was slightly larger than expected. As a result, the now most-active, August-dated contract added 23 cents, or 0.3%, to settle at $73.08 per barrel.

Gold prices staged an impressive rally on Wednesday, as the U.S. dollar weakened from its two-month peak, and investors grapple with the Fed's next possible monetary decision. In turn, August-dated gold added $6, or 0.3%, to settle at $1,783.40 an ounce -- marking its highest settlement since June 16.