Dow Record Remains Elusive

Updated from 4:19 p.m. EDT

The Dow Jones Industrial Average once again tried to establish a record high Thursday, but its bid fell just short as government data hinted that an economic slowdown could be on the horizon.

Ever so briefly, the Dow traded above its best-ever close. Investors, though, had to settle for a gain of 29.21 points, or 0.25%, to 11,718.45 -- roughly 5 points from setting a new benchmark.

The S&P 500 rose 2.56 points, or 0.19%, to 1339.15, and the Nasdaq Composite tacked on 6.63 points, or 0.29%, to 2270.02.

About 2.23 billion shares changed hands on the New York Stock Exchange. Advancers beat decliners by a 9-to-7 margin. Volume on the Nasdaq was 1.82 billion shares, and winners edged losers 8 to 7.

"The market is struggling with the new high," said Barry Hyman, equity market strategist with EKN Financial. "But, the rotation from energy to technology is still happening. There has been tremendous improvement to the psychology of the market, as it seems the Federal Reserve made the right decision in keeping rates unchanged. The support for the market is there to prevent any major selloffs."

September is historically a weak time for the major indices, but this time around the Dow is higher by 337 points, or 3%, with only one session left before the month ends. The S&P 500 has gained 35 points, or 2.7%, and the Nasdaq has collected 86 points, or 3.9%.

With many traders worrying less about additional Fed rates hikes, they're now focusing their worries on whether the economy is in danger of cooling too rapidly. Before the opening bell, the Commerce Department said its final data on second-quarter gross domestic product showed growth declining to a 2.6% rate from the previous 2.9% pace.