The Dow Jones Industrial Average ended another day near the flatline on Thursday as the market's strong momentum to begin February started to lose steam.
The 30-stock index lost 7.1 points from Wednesday's all-time peak at 31,430.70.
The S&P 500 stayed above water 6.5 points to eke out a record closing high at 3,916.38.
The NASDAQ Composite recovered 53.24 points to 14,025.77.
Energy was the worst-performing sector, sliding more than 1%, while the strength in technology supported the broader market.
After a strong runup in equities in the beginning of February, the market rally seemed to slow down a tad. The S&P 500 moved within 0.2% for three straight days this week. For this month so far, the broad equity benchmark has gained 5.4%.
Investors also took comfort in a solid earnings season. Of the S&P 500 components that have reported earnings thus far, more than 80% have topped Wall Street's expectations, according to experts.
On the data front, new claims for jobless benefits came in at 793,000 last week, worse than an estimate of 760,000 from economists polled by Dow Jones.
The federal budget deficit is projected to total $2.3 trillion in the 2021 fiscal year, a decline from last year but still well above anything the U.S. had seen prior to the COVID crisis, the Congressional Budget Office reported Thursday. The total also does not include the $1.9 trillion in relief spending that President Joe Biden has proposed.
Federal Reserve Chairman Jerome Powell said Wednesday that the economy faces challenges in the labor market, and so monetary policy needs to stay “patiently accommodative.” In remarks at the Economic Club of New York, Powell said the employment picture is a “long way” from where it needs to be.
Prices for 10-Year Treasurys backpedaled, propelling yields to 1.16% from Wednesday's 1.12%. Treasury prices and yields move in opposite directions.
Oil prices dipped 71 cents to $57.97 U.S. a barrel.
Gold prices shed 17 dollars to $1,825.70 U.S. an ounce.