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NEW YORK (CNNMoney) -- U.S. stocks lifted from session lows Wednesday and ended a lackluster trading session mixed. The Dow inched higher for an eighth straight session, but the S&P 500 and Nasdaq finished lower as investors took a breather following four consecutive days of gains.
After spending most of the day in the red, the Dow Jones industrial average (INDU)managed to add 7 points, or 0.1%, led by a 5% jump in shares of Walt Disney Co. (DIS, Fortune 500) following strong fourth-quarter earnings. The blue-chip index rose to 12239.89, the highest level since June 16, 2008.
The S&P 500 (SPX) slipped 4 points, or 0.3%, and the tech-heavy Nasdaq (COMP) fell 8 points, or 0.3%.
Energy and financial companies were among the biggest laggards. Chevron (CVX, Fortune 500), JPMorgan Chase (JPM, Fortune 500) and Exxon Mobil (XOM, Fortune 500) were among the Dow's biggest losers. Meanwhile, drops in shares of Southwestern Energy Co. (SWN), Cliffs Natural Resources (CLF) andWells Fargo (WFC, Fortune 500) weighed on the S&P 500.
Investors directed their attention to Capitol Hill, as Federal Reserve Chairman Ben Bernanke testified before the House Budget Committee. The central bank chief said that despite a strengthening economic recovery, the unemployment rate remains high while inflation is "still quite low."
Bernanke also told lawmakers that they need a "credible program" to reduce the nation's growing deficit.
"Bernanke's speech is pretty much a repeat of what he's been saying," said Tom Schrader, managing director at Stifel Nicolaus. "Investors seem to be content with their current investments, and are taking a wait-and-see attitude. There's nothing on the immediate horizon that could cause the markets to drift significantly one way or the other."
Stocks posted solid gains Tuesday, with the Dow ending at its highest level since June 2008, as traders cheered news in the consumer sector and looked past China's latest interest rate hike.
Economy: Investors will be keeping an eye out for a proposal due Friday from the Obama administration recommending a phase-out plan for Fannie Mae and Freddie Mac, two government-sponsored mortgage backers.
The highly anticipated "white paper" will include three different options for reducing the role government plays in the mortgage market, according to a White House official.
Treasury Secretary Tim Geithner offered an optimistic economic outlook Wednesday, although he acknowledged that the job market will take time to recover.
Companies: Shares of NYSE Euronext (NYX, Fortune 500) -- the parent company of the New York Stock Exchange -- jumped 14% after the company confirmed that it is in advanced merger talks with Germany's Deutsche Boerse.
Polo Ralph Lauren's (RL, Fortune 500) stock rallied 8.3%, after the retailer delivered a $168.4 million profit -- thanks to solid holiday season sales.
Computer Sciences (CSC, Fortune 500) plunged 14% after the information-technology company missed revenue estimates and lowered its forecast for the year.
Shares of Wells Fargo (WFC, Fortune 500) fell 2.8% after the bank announced late Tuesday that chief financial officer Howard Atkins is retiring. The company said the retirement wasn't due to Wells' financial condition or reporting.
Shares of Cisco Systems (CSCO, Fortune 500) slipped 1.3% in after-hours trading after the company posted a quarterly profit that fell from year-ago results but beat Wall Street's forecasts.
World markets: European stocks ended the session lower. Britain's FTSE 100 slid 0.6%, the DAX in Germany was flat and France's CAC 40 edged down 0.4%.
Asian markets ended below breakeven, in reaction to China's central bank raising key interest rates the day before. The Shanghai Composite fell 0.9%, the Hang Seng in Hong Kong lost 1.4%, and Japan's Nikkei slid 0.2%.
Currencies and commodities: The dollar was slightly lower versus the euro, but rose against the Japanese yen and the British pound.
Oil for March delivery fell 23 cents to settle at $86.71 a barrel.
Gold futures for April delivery rose $1.40 to settle at $1,365.50 an ounce.
Corn futures jumped 3.6% to $6.98 a bushel after a report from the U.S. Department of Agriculture cut its forecast for reserves of the grain by four times as much as the market had expected. Wheat and soybean futures also rose.
Bonds: The price of the benchmark 10-year U.S. Treasury was higher Wednesday, pushing the yield down to 3.64%. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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