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Stocks closed nearly unchanged as early gains evaporated following the White House's announcement about its tax policy proposals, the AP reports. Corporate earnings were also in focus Wednesday. Overall more stocks rose than fell. Health care companies gained more than the rest of the market. Health insurer Anthem gained 3.7% after reporting earnings that beat analysts' expectations.

The Standard & Poor's 500 fell 1 point, or 0.1%, to 2,387. The Dow Jones industrials fell 21 points, or 0.1%, to 20,975. The Nasdaq composite was little changed at 6,025. The Russell 2000 index of smaller-company stocks rose 8 points, or 0.6%, to close at a record high of 1,419. (Read more stock market stories.)