Dow rises to another record led by Verizon and Chevron, but tech weakness weighs on S&P 500; European markets close lower as investors monitor rising U.S. Treasury yields 
The Dow Jones Industrial Average rose in volatile trading on Wednesday to hit another record close, boosted by a jump in Verizon and Chevron shares. 
The blue-chip Dow erased a 180-point loss and ended the day 90.27 points higher, or 0.3%, to 31,613.02. The S&P 500 dipped less than 0.1% to 3,931.33, however, amid a 1% decline in the technology sector. The Nasdaq Composite fell 0.6% to 13,965.49 as Apple dropped 1.8%. 
Dow-member Verizon was among the biggest gainers after Warren Buffett’s Berkshire Hathaway revealed a sizable stake in the telecom giant. The shares climbed 5.2% after the latest filing showed Berkshire bought more than $8 billion worth of the stock in the fourth quarter, making Verizon one of the conglomerate’s top six largest holdings. 
Chevron jumped 3% as Berkshire revealed a large stake in the energy company as well last quarter. Investors also weighed improving economic data with rising inflation expectations. Retail sales surged 5.3% in January, blowing past a Dow Jones estimate of a 1.2% rise. The jump in consumer spending could further fuel inflation expectations, which have already pushed bond yields significantly higher recently. 

European stocks closed lower on Wednesday as investors monitored rising bond yields stateside and the outlook for inflation. The pan-European Stoxx 600 ended the session down 0.7%, with retail sinking 3.1% to lead losses as most sectors and major bourses slid into negative territory. 
British American Tobacco shares fell 3.9% despite the world’s second-largest tobacco company beating profit estimates before the bell. 
Rio Tinto posted its best annual earnings performance since 2011 and issued an all-time high dividend payout on the back of rising commodity prices. The world’s second-largest metals and mining company saw its shares fall slightly by the close. 
Source: CNBC