By Angela Moon and Luke Swiderski
NEW YORK (Reuters) - The Dow industrials closed at a record high on Wednesday, led by gains in Microsoft Corp
Meanwhile the Nasdaq fell, hurt by losses in Tesla Motors and as investors readied for Twitter's much-anticipated IPO.
The benchmark S&P 500 rose as high as 1,773.79 intraday, above its closing high of 1,771.95 set on Oct 29. Its all-time intraday peak came the day after at 1,775.22.
Microsoft was the biggest gainer on the blue chip Dow index after Reuters reported the company had narrowed its CEO search to a handful of names. Its shares rose 4.2 percent to $38.18 after rising as high as $38.22, the highest since July 2000.
However, other big technology shares slipped. Apple Inc
"The market is pretty much all green but those three big powerful tech names are slightly down," said Daniel Morgan, vice president and senior portfolio manager at Synovus Investment Advisors.
"It's interesting that these three companies have had such great momentum and fundamentals - I don't know if some of that money is shifting out in anticipation of Twitter."
One day before the social media giant's IPO, several other companies sold shares that debuted on Wednesday. Barracuda Networks Inc
"One of the barometers for the health of market conditions we look at is the ability for the market to absorb a large amount of IPOs," said Art Hogan, managing director at Lazard Capital Markets in New York.
If all 13 scheduled IPOs price this week, it will be the busiest week of the year in terms of the number of primary issues since September 2007 According to Thomson Reuters data.
The Dow Jones industrial average <.DJI> was up 128.66 points, or 0.82 percent, at 15,746.88. The Standard & Poor's 500 Index <.SPX> was up 7.52 points, or 0.43 percent, at 1,770.49. The Nasdaq Composite Index <.IXIC> was down 7.92 points, or 0.20 percent, at 3,931.95.
Another sign of encouragement came from German industrial orders rising more than expected, which is significant as the country is the economic engine of the euro zone.
Weighing on the Nasdaq was Tesla Motors Inc
Ralph Lauren Corp
Abercrombie & Fitch Co
About 6.2 billion shares of NYSE-listed securities, AMEX and regional exchange-listed securities and Nasdaq-listed securities traded on Wednesday, according to data by Bats Global Markets.
(Reporting by Angela Moon; Editing by Nick Zieminski)