Dow Record Bid Falls Short

Updated from 4:08 p.m. EDT

The Dow Jones Industrial Average moved nearer to setting a record high Wednesday, but the index, pressured late by rising oil prices, ended about 30 points shy of its best-ever close.

By adding 19.85 points, or 0.17%, to 11,689.24, the Dow had the second-highest finish in its history. The S&P 500 ticked up 0.25 point, or 0.02%, to 1336.59, and the Nasdaq Composite ended ahead by 2.05 points, or 0.09%, to 2263.39, having been up by as many as 15 points earlier.

For the Dow, its top close was just below 11,723 on Jan. 14, 2000. The all-time intraday mark of around 11,752 was set two days before the record finish.

Though the index ventured above 11,700 during the session, jumping crude futures put a dent in the rally. Oil traded up $1.95 to $62.96, despite the Energy Department's weekly inventory report that showed a less-than-expected drawdown in oil inventories. Both distillate and gasoline inventories rose last week.

"Considering the fact we're pressing news highs, it's good to see we can continue to scratch more upside," said Art Hogan, chief market analyst with Jefferies. "It shows that there's more good news than bad news, even with energy prices rising today. We'd like to have friendly economic data and lower energy prices remain as we head into earnings season."

Helping matters in recent sessions has been the coming end of the third quarter. Experts say some money managers use the end of the quarter as a time to buy stocks that have been working for the past few weeks in a bid to boost the returns on their portfolios.

To view Gregg Greenberg's video take on today's market, click here.