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NEW YORK – Calm returned to the stock market Wednesday after two days of volatile trading.

The Standard & Poor’s 500 index traded within a range of about five points, or about a quarter of a percentage point for the whole day, before ending a fraction lower. Investors weighed a tepid hiring survey, some strong company earnings and falling oil prices.

Stocks plunged Monday, then surged to a record high Tuesday as tensions in Ukraine flared, then eased.

“We’re returning to normality,” said John Manley, chief equity strategist at Wells Fargo Fund Management. “What the market now trades on is fundamentals, and the fundamentals are still good.”

The S&P 500 index fell 0.10 point, or less than 0.1 percent, to 1,873.81. Its close Tuesday of 1,873.91 was a record high.

The Dow Jones industrial average fell 35.70 points, or 0.2 percent, to 16,360.18. The Nasdaq rose six points, or 0.1 percent, to 4,357.97.

Manley expects the rally to remain intact as long as the Federal Reserve keeps up its support of the economy and companies can keep increasing their earnings.

The Fed is buying $65 billion worth of bonds every month and isn’t expected to raise short-term interest rates any time soon. Company earnings are forecast to climb 8.1 percent in the fourth quarter to a record $28.49 per share for S&P 500 companies, according to S&P Capital IQ.

Energy stocks were the biggest losers Wednesday. They fell after the price of oil dropped for a second day as tensions eased in Ukraine and the threat of economic sanctions against Russia appeared to recede.

Exxon Mobil fell $2.72, or 2.8 percent, to $93.80, making it one of the biggest decliners in the S&P 500. The company said that it planned to cut its capital spending by 6 percent this year and that its production will rise 2 percent.

Stocks have rebounded to record levels this month, despite a series of weak economic reports, as investors remain confident that the economy will strengthen once an unusually cold winter has passed.

Among the winning stocks Wednesday were Brown-Forman, the maker of Jack Daniel’s Whiskey, and video game retailer GameStop.

Brown-Forman rose $3.10, or 3.7 percent, to $87.11 after the company reported earnings that beat analyst’s expectations. The distiller also raised its full-year earnings forecast. GameStop climbed $1.40, or 3.7 percent, to $38.75 after the company said late Thursday that it would increase its annual dividend by 20 percent to $1.32 a share.

Among other stocks making big moves:

• Smith & Wesson jumped $1.94, or 16.4 percent, to $13.74 after the gun maker’s quarterly results topped expectations. The company’s forecast for earnings in its fourth fiscal quarter was also better than Wall Street was expecting. Gun sales surged last year in the wake of the massacre at Sandy Hook Elementary School in Newtown, Conn., and other shootings. Many gun enthusiasts went on a buying spree, fearing new laws restricting gun ownership.