NEW YORK (TheStreet) -- U.S. stocks lost the momentum they had earlier in Wednesday's session as the Dow Jones Industrial Average and S&P 500 trimmed their gains and the Nasdaq turned negative.
Stocks surged into the open on Wednesday, with the Dow touching an all-time high of 17,481.32, after the GOP seized control of the Senate. This shift in power is believed to herald new pro-business economic policy in the final two years of Barack Obama's presidency.
Economic woes were at the top of the list of concerns for voters headed into the mid-term elections Tuesday with 70% noting that current conditions were poor, according to preliminary exit polls.
The economic recovery appears intact, though, even as citizens' confidence is shaken. The private sector added 230,000 jobs in October, according to ADP employment data, compared to analysts' estimates for a 220,000 gain. A month earlier, a revised 225,000 jobs were added to the private sector.
"The job market is steadily picking up pace," Mark Zandi, chief economist of Moody's Analytics, said in a statement. "At this pace of job growth unemployment and underemployment is quickly declining. The job market will soon be tight enough to support a meaningful acceleration in wage growth."
The Dow added 0.17%, the S&P 500 climbed 0.28% and the Nasdaq was down 0.06%.
Though the Senate win gave markets an immediate boost, Raymond James' analyst Jeffrey Saut warned in a note that "much of the long-term impact will likely be predicated on how far President Obama is willing to go to cooperate with the new conservative majority."
The ISM non-manufacturing index for October clocked in at 57.1, just shy of estimates for 58, though remaining above 50, the threshold for economic expansion. Business activity slipped to 60 from 62.9 a month earlier, and new orders fell to 59.1 from 61.
Crude oil inventories increased 0.5 million barrels in the week ending October, according to the EIA Petroleum report. Commercial oil inventories now stand at 380.2 million barrels, putting it in the upper half of the average range of the year-ago period.
The price of West Texas intermediate crude oil spiked 1.8% to $78.56 a barrel, partially recovering from a drop of more than 2% a day earlier. Commodities were crushed after Saudi Arabia slashed the price of imports for December delivery by 45 cents from a month earlier on Monday.
In global markets, worries over weakness in the eurozone continued after retail sales fell 1.3% month on month and Markit's composite purchasing managers' index remained flat at 52.1 in October.
European shares were shaking it off, however, on the back of robust corporate earnings. Germany's DAX and France's CAC 40 both added more than 1%.
Individual companies moving markets Wednesday included 21st Century Fox (FOXA) which was trading 2% higher after reporting double-digit revenue growth in its quarter on the back of runaway hit films The Fault in Our Stars and Dawn of the Planet of the Apes.
Competitor Time Warner (TWX) was adding 1.5% after reporting third-quarter profit of $1.22 a share, 28 cents higher than expected. Revenue growth at HBO was particularly strong, up nearly 10% to $1.3 billion.
TripAdvisor (TRIP) was tumbling 14% after missing quarterly profit expectations by 12 cents a share, even as revenue spiked nearly 40%. A day earlier, fellow online travel site Priceline (PCLN) lost nearly 10% after issuing weaker-than-expected guidance.
FireEye (FEYE) shares were being pummeled, down 16%, after missing third-quarter revenue estimates and guiding for soft top-line growth through to year's end. Industry peers such as Palo Alto Networks (PANW) and Fortinet (FTNT) were also being dragged lower.
Mondelez (MDLZ) spiked 5.6% after topping profit estimates and raising its full-year guidance to as much as $1.72 a share.
--Written by Keris Alison Lahiff in New York.