The Dow closed modestly higher at another record on Wednesday as investors bet that favorable market conditions would continue, though the gains were slight on concerns the rally may run out of steam in the short term.

Based on the latest available data, the Dow Jones industrial average <.DJI> rose 42.47 points, or 0.30 percent, to finish unofficially at 14,296.24. The Standard & Poor's 500 Index <.SPX> advanced 1.67 points, or 0.11 percent, to finish unofficially at 1,541.46. But the Nasdaq Composite Index <.IXIC> dipped 1.77 points, or 0.05 percent, to close unofficially at 3,222.36.

(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)