US stock indexes closed mixed Wednesday, with the S&P 500 rising 0.2% and the Dow gaining 120 points, while the Nasdaq fell 0.2%. Losses in AI infrastructure and bank stocks offset gains elsewhere. The Treasury doubled its limit on buybacks of long-term securities for next quarter, part of measures intended to control the recent surge in longer-term benchmark borrowing costs. The prospect of greater dollar liquidity from the Treasury's intervention also supported equities. Minutes from the FOMC (Federal Reserve policy committee) confirmed that some policymakers believe rate hikes may be appropriate this year. Retail stocks were mostly higher after TJX fell 4.2%, Target gained 4.3% and Lowe's rose 2% following earnings reports. Pharmaceutical stocks rallied, led by Merck's 12.6% gain and Moderna's 177% surge after a trial of their joint vaccine reduced melanoma recurrence. Tepid results from OpenAI pressured chipmakers, sending AMD down 3.7% and Intel down 4%.