By ALEXANDRA SCAGGS

Blue chips charged to within striking distance of their record, but a late dive meant the celebration would have to come another day.

The Dow Jones Industrial Average swung to a loss in the final minutes of trading. At the session's high, it was up 74 points, barely 15 points from an all-time closing high. Other indexes slipped into negative territory late in the day as well.

The Dow industrials lost 20.88 points, or 0.1%, to 14054.49. The Standard & Poor's 500-stock index fell 1.31 points, or 0.1%, to 1514.68, and the Nasdaq Composite Index declined 2.07 points, or 0.1%, to 3160.19.

Still, the indexes rose for the month, with the Dow advancing 1.4%, its third consecutive month of gains. The S&P 500 and Nasdaq Composite both marked their fourth monthly gains in a row, up 1.1% and 0.6%, respectively.

Before the blue chips retreated, the mood was upbeat on the floor of the New York Stock Exchange. Traders kept an eye on the Dow's progress, noting that achieving the record could provide a boost to stocks in the short term.

"It's a huge psychological number," said Matthew Cheslock, a trader at Virtu Financial, a firm with a post on the NYSE floor.

But with under five minutes to go in the trading session, stocks swung into the red. Traders said stocks often can experience volatility at the end of the month, particularly when indexes revamp components and funds that track them adjust their holdings.

The blue-chip index retreated from session highs, while other benchmarks were on pace for a fourth consecutive month of gains. Kaitlyn Kiernan has details on The News Hub.

In economic news, a second reading of fourth-quarter gross domestic product was revised into positive territory as expected, to 0.1%, falling short of the 0.5% growth economists had anticipated. Initial claims for jobless benefits in the latest week dropped to 344,000, while 365,000 claims were expected.

"The GDP was mediocre but moved in the right direction," said Mark Spellman, portfolio manager with Value Line Funds, which oversees about $2 billion. "It's not the pace [of growth] everyone wants to see, but it's the slope of the line that's important."

The Institute for Supply Management's Chicago-area purchasing managers' index for February posted a surprise increase.

Another focus is on Washington. President Barack Obama and congressional leaders are scheduled to meet on Friday, when the deadline for $85 billion in mandatory spending cuts goes into effect.

European markets traded higher for a second session, with the Stoxx Europe 600 up 1%, as concerns over Italian politics continued to fade and a pair of firms reported better-than-expected quarterly results. Renewed confidence that the European Central Bank and Federal Reserve would continue their stimulus policies helped offset data showing unemployment in Germany increased in February.

Asian markets climbed, fueled by gains in U.S. and European markets on Wednesday and as concerns eased over potential policy tightening in China. Japan's Nikkei Stock Average rose 2.7% to snap a two-session losing streak, China's Shanghai Composite climbed 2.3%, and Australia's S&P/ASX 200 rallied 1.3% to close at a 4½-year high.

Crude-oil prices lost 0.8% to settle at $92.05 a barrel, while gold dipped 1.1% to settle at $1,577.70 a troy ounce. The dollar gained ground against the euro and yen. The yield on the 10-year Treasury note fell to 1.889% as prices rose.

Five investment-grade companies, including Coca-Cola (KO), sold a combined $12.5 billion of debt in the third-busiest high-grade session of the year. The biggest deal, valued at $6.5 billion, came from miner Freeport-McMoRan Copper & Gold (FCX) .

In corporate news, Groupon (GRPN) plunged $1.45, or 24%, to $4.53, after the online-coupon company late Wednesday reported a fourth-quarter loss, compared with expectations of a profit and provided a first-quarter revenue outlook that was short of forecasts. After the close of trading, the company said it ousted Chief Executive Andrew Mason. Shares jumped after hours.

Is the Dow's record a sign of U.S. recovery or a just an arbitrary number? Paul Vigna and Steve Russolillo discuss on Markets Hub. Photo: Getty Images.

J.C. Penney (JCP) slid 3.59, or 17%, to 17.57, after the department-store chain late Wednesday reported a wider-than-expected fourth-quarter loss and revenue that fell short of expectations.

Kohl's (KSS) fell 51 cents, or 1.1%, to 46.10, after the department-store operator's earnings outlook for the quarter and full fiscal year were below analyst estimates, offsetting better-than-expected earnings and an increase in its quarterly dividend.

Limited Brands (LTD) gained 1.02, or 2.3%, to 45.52, as the retailer beat estimates for its revenue and unadjusted earnings, though the owner of the Victoria's Secret brand provided a first-quarter and full-year outlook below Wall Street expectations.

Gap (GPS) rose 41 cents, or 1.3%, to 32.92, ahead of earnings, which it reported after the market's close. Shares gained after hours after the company's results exceeded analyst expectations.

Broadsoft (BSFT) slumped 9.91, or 32%, to 21, after the software company reported earnings that topped expectations but provided a first-quarter and full-year outlook that was well below analyst projections.

Write to Alexandra Scaggs at alexandra.scaggs@dowjones.com