U.S. stocks trade mixed as UK starts Brexit process

U.S. stocks traded mixed around midday Wednesday as investors assessed the start of the United Kingdom's exit from the European Union.

Around noon, the Dow Jones Industrial Average fell 50.49 points, or 0.24 percent, to 20,651.01. The S&P 500 increased 1.83 points, or 0.08 percent, to 2,360.40. The Nasdaq Composite Index was up 15.46 points, or 0.26 percent, to 5,890.60.

Britain's ambassador to the EU, Tim Barrow, handed the official letter triggering Article 50 to European Council President Donald Tusk. This commences the country's two-year exit process from the trading bloc, according to the CNBC.

British Prime Minister Theresa May said on Wednesday that she wanted Britain to emerge as more outward-looking than ever before while addressing the House of Commons to confirm triggering of the Brexit process.

On the economic front, U.S. pending home sales rebounded sharply in February to their highest level in nearly a year and second-highest level in over a decade, according to the National Association of Realtors Wednesday.

The Pending Home Sales Index jumped 5.5 percent from 106.4 in January to 112.3 in February, beating market consensus.

On Tuesday, U.S. stocks reversed early losses to end higher, with the Dow snapping an eight-day losing streak, as investors digested a batch of positive economic reports. Endit