U.S. equities closed mixed Wednesday as financials led decliners, while oil rebounded following the release of key supply data.

The Dow Jones industrial average fell about 35 points, with Goldman Sachs contributing the most losses. , another Dow component, closed near its all-time high. The index had fallen about 75 points at session lows.

The S&P 500 ended just above breakeven, with real estate outperforming and financials falling 0.75 percent. The Nasdaq composite closed 0.15 percent higher at a record.

Pressuring the financials sector were bank stocks, as the SPDR S&P Bank ETF (KBE) and the Regional Banking ETF (KRE) dropped around 1 percent, posting a three-day losing streak. Bank stocks have been some of the best performers since President Donald Trump's election, as market participants bet on corporate tax cuts, deregulation and government spending.

"A deviation from that will be perceived as a negative," said Rob Bartenstein, CEO of Kestra Private Wealth Services. "My overarching belief here is that this policy grind — where we shift from expectation to implementation — will bring some volatility into the market."

Recently, however, equities have mostly traded in a tight range, as market participants seek out more details regarding Trump's policies.

"It's almost like we're caught in a swamp. The market just can't seem to move one way or the other," said Ryan Detrick, senior market strategist at LPL Financial. "Earnings and economic news have been pretty good, ... but, at the same time, the market is looking at Washington out the corner of its eye." He also noted the S&P posted its 37th straight day without a 1 percent trading range.