Stocks on the Dow Jones index collectively climbed 0.4%, as several blue chips gained. But stocks in the other major indexes succumbed as the day progressed with the Nasdaq falling 0.3%. The S&P 500 declined 0.2%. All three major indexes are below their 50-day moving averages.

Small caps continued to weaken after heavy losses Tuesday with the Russell 2000 lower by 0.1% in recent action. The Innovator IBD 50 (FFTY) exchange traded fund gained less than 0.1%.

Volume was higher on the New York Stock Exchange but lower on the Nasdaq on the stock market today compared with the same time on Tuesday. Advancers had an edge over decliners on both exchanges.

The yield on the benchmark 10-year Treasury note fell 3 basis points to 4.65%.

Job Additions Beat Expectations

In economic news, Automatic Data Processing reported the economy added 192,000 jobs in April. That was higher than expectations of 175,000, according to Econoday estimates.

Meanwhile, the Labor Department's Job Openings and Labor Turnover Summary reported little change in March. There were 8.488 million job openings on the last business day of March vs. 8.813 million in February. The reported numbers were lower than Econoday estimates of 8.7 million.

Also, the Purchasing Managers' Manufacturing Index for April came in at 50 vs. views of 49.9. Further, the manufacturing index from the Institute for Supply Management came in at 49.2. Economists expected it to be 50.

Traders expect borrowing rates to stay unchanged as the Federal Reserve's two-day meeting comes to an end Wednesday, with the odds of a long-awaited rate cut pushed out to September. The CME FedWatch Tool sees a 37.9% chance rates will be cut 25 basis points at the Fed's September gathering. Fed Chair Powell was due to speak at 2:30 p.m. ET.