Dow Record Remains Elusive

The final chain deflator, a key measure on inflation, was left unchanged at 3.3%, matching economists' estimates.

However, the closely watched core inflation measure came in at 2.7%, down slightly from the preliminary report. The year-over-year figure was revised to 2.2%, down from 2.3%.

"The final revisions of second-quarter GDP had inflation components moving down slightly," said Peter Cardillo, chief market strategist with S.W. Bach & Co. "Even though inflation pressures are elevated, we saw modest growth. Hopefully this will keep the bulls in charge, as momentum buying will continue in the last days of the third quarter."

Also on the economic front, the Labor Department said initial jobless claims fell by 6,000 to 316,000 for the week ended Sept. 23, in line with forecasts.

General Motors (GM - Cramer's Take - Stockpickr) was the Dow's best gainer after the company said billionaire shareholder Kirk Kerkorian plans to buy up to 12 million more shares of the automaker in an attempt to force a three-way alliance with Renault and Nissan. GM climbed by 78 cents, or 2.4%, to $33.06.

Rival Ford(F - Cramer's Take - Stockpickr) announced after the bell that it will cut 2,000 added jobs in the U.S. and Canada in a cost-reduction effort. Shares finished the session higher by 16 cents, or 2%, at $8.16.

Dow component Hewlett-Packard (HPQ - Cramer's Take - Stockpickr) said general counsel Ann Baskins has resigned, effective immediately. Chief Executive Mark Hurd said that it was a "very hard decision for [Baskins], but by doing so she has put the interests of H-P above her own and that is to be commended."