Investors in the bond and stock markets marked time Wednesday, while watching last-minute maneuvers to get the federal budget passed.

Interest rates rose across the board, with the 30-year bond yielding 6.55% Wednesday afternoon up from a record low 6.52% on Tuesday. The 10-year note yield was 5.86% Wednesday afternoon, compared with 5.80% on Tuesday. Traders are looking ahead to Friday's key July employment report, which is expected to show a rise of 174,000 in nonfarm jobs.

The Dow Jones industrial average fell 9.22 points, to close at 3,552.05. But the Nasdaq Composite rose 4.73, or 0.7% to close at a record 713.74.

Spot gold prices dropped below $400 an ounce for the first time since Friday, closing at $398.75 and ounce in New York.

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