The Dow Jones Industrial Average set a new record closing for the seventh straight day Wednesday as US stocks registered small gains.

The Dow added 5.22 points (0.04 per cent) at 14,455.28, also its ninth straight day of gains.

The broad-based S&P 500 rose 2.04 (0.13 per cent) at 1,554.52, while the tech-rich Nasdaq Composite edged up 2.80 (0.09 per cent) to 3,245.12.

Trade was slower as the overall market sought direction. Stocks gained support from a report of stronger-than expected retail sales in February, which grew 1.1 per cent from January, though partly due to higher gasoline prices.

Trade was strong in software firms VMware and EMC, which together announced an ambitious new initiative for a cloud-based data processing company.

VMware gained 8.1 per cent and EMC 1.8 per cent on the announcement, which will require a substantial investment by the two.

Oil refiner Valero Energy sank 4.7 per cent after being downgraded to “neutral” from “outperform” by Macquarie.

IBM and Boeing led gainers on the Dow, both rising 0.7 per cent, while Alcoa was the biggest loser, down 1.0 per cent.

Dole Foods sank 9.0 per cent after reporting a fourth-quarter loss and acknowledging that conditions in the banana market remain “challenging.”

On the Nasdaq, Facebook dropped 2.7 per cent.

Bond prices were flat. The yield on the 10-year Treasury held at 2.02 per cent and the 30-year yield at 3.22 per cent. Bond prices and yields move inversely.