US stocks rose on Wednesday, with the S&P 500 hitting another intraday record high as investors brushed off weaker-than-expected labour market data and focused on an acceleration in services-sector growth. But with the Dow and the S&P 500 near record levels, volume continued to be light ahead of the European Central Bank meeting on Thursday and the US government's May nonfarm payrolls report on Friday.
Semiconductors ranked among the day's biggest gainers. The Philadelphia semiconductor index, known as the SOX, rose 0.3 percent, down from a 14-year high touched earlier on Wednesday. Many market participants, however, are becoming concerned about the sector, with the index is up for the 10th straight session and up 14 percent for the year so far. The CBOE Volatility Index jumped 0.9 percent, its third straight daily advance. The VIX, known as the "fear index," remained just below 12 and well below the historical average of 20 - a trend that some interpret as a sign that investors have become complacent. The Dow Jones industrial average rose 9.25 points or 0.06 percent, to 16,731.59. The S&P 500 gained 3.21 points or 0.17 percent, to 1,927.45. The Nasdaq Composite added 18.24 points or 0.43 percent, to 4,252.32.