Stock Quotes Finance: U.S. stocks: S&P 500, Dow hit records

NEW YORK (MarketWatch) — After signs U.S. stocks would open decidedly higher on Wednesday, markets took a more cautious turn, as post-election optimism succumbed to data that showed the service sector has been growing at a somewhat slower pace.

Both the S&P 500 and the Dow Jones Industrial Average retreated from session highs, while the Nasdaq was up modestly .

Ahead of the regular market open, investors welcomed the results of midterm elections in which Republicans, who are generally viewed as more business-friendly, regained control of the Senate. However, stocks were heading south after mixed economic data.

The S&P 500

SPX, +0.57%

was slightly higher, with utilities and consumer staples sector stocks leading gains, which implies that investors are being cautious and defensive.

The Dow Jones Industrial Average

DJIA, +0.58%

hit an intraday record shortly after the open, but has retreated from that level.

The Nasdaq Composite

COMP, -0.06%

had been drifting in and out of negative territory.

In economic news, ADP showed the private sector added 230,000 jobs last month, exceeding consensus forecasts. It is the sixth month in seven that private-sector hiring has topped 200,000.

Separately, ISM services index fell to 57.1% in October from 58.6% in September.

Read: A breakdown of how the market performs after midterm elections.

By midnight Eastern time, Republican candidates had snared seven seats in key battleground states. By taking the Senate and keeping the House, the GOP takes control of Congress for the first time in eight years. See: The surprises that defined Republicans' very good Election Day

The dollar

USDJPY, +0.94%

shot to a seven-year high against the yen in wake of those election results. As the dollar surged, gold prices

GCZ4, -2.23%

tumbled about 2%, and silver

SIZ4, -4.03%

sank nearly 4%. Republicans are expected to be tougher on the Federal Reserve and so-called loose monetary policies.