The S&P 500 closed at a new record high Wednesday with a steep decline in volatility. 

The index finished up 0.1% at 4,297 after hitting an all-time high of 4,301 during trading hours.

The Dow Jones Industrial Average soared 210 points or 0.6% to 34,502. The Nasdaq, on the other hand, was down 24 or 0.2% at 14,502.

The fresh record in the S&P 500 came as the VIX volatility index showed a steep decline. The fear index was as high as 17.31 during the day but fell to 15.83 at the market close for a 1.2% daily loss.

The dollar index, on the other hand, was up 0.3% at 92.35 at the time. The yield on 10-year US Treasurys was down 0.6% at 1.471%.

Investors will be closely watching nonfarm payrolls data for June which will be released Friday before the market open. The market estimate is an increase of 700,000.

US private payrolls increased 692,000 in June, beating market expectations of 600,000, according to ADP Research Institute’s national employment report released earlier./aa