The Dow Jones Industrial Average rose Wednesday, notching its best winning streak since 1987 as traders digested a Federal Reserve rate hike and major corporate earnings.

The Dow average added 82.05 points, or 0.23%, to 35,520.12. The 30-stock index extended its rally to 13 days, an advance it hasn’t achieved since January 1987. If the index rises for 14 straight days on Thursday, it will match the longest streak ever going back to June 1897. That was roughly one year after the Dow was created in May 1896.  

The S&P 500 declined 0.02% to end at 4,566.75. The Nasdaq Composite lost 0.12% to 14,127.28.

The Federal Reserve raised rates to their highest level in more than 22 years after passing through a much-anticipated quarter point hike at the conclusion of its meeting. However, Treasury yields slid after Fed Chief Jerome Powell suggested the central bank could pause again here.

“I would say it’s certainly possible that we will raise funds again at the September meeting if the data warranted. And I would also say it’s possible that we would choose to hold steady and we’re going to be making careful assessments, as I said, meeting by meeting,” said Powell at a press conference following the decision.

The Fed next decides on rates on Sept. 20. Bank shares including Wells Fargo gained after the comments as traders bet that the economy could skirt a recession if the Fed stays on hold.

Still, Powell’s emphasis that the central bank would be “data-dependent” left traders torn about the central bank’s next move and weighed somewhat on market sentiment.

On the bullish side, Google-parent Alphabet rose about 5.8% as cloud revenue growth helped propel the company to a better-than-expected quarter. Also, Dow component Boeing gained 8.7% after reporting a second-quarter beat following a rise in commercial aircraft deliveries.

However, not all earnings news was positive as Microsoft slid 3.7% a day after reporting slowing cloud revenue growth.

— CNBC’s Gina Francolla contributed to this report.