Among earnings, Bank of America advanced after the financial giant reported earnings that topped expectations and reversed a year-ago loss, as provisions for credit losses declined.
PepsiCo gained after the beverage and snack maker posted higher earnings and said it was on track to meet its financial goals for the year, despite the lackluster economy.
United Rentals rallied after the equipment rental company posted earnings that topped expectations. In addition, the company authorized a $500 million share repurchase program. The company was expected the post results after market close.
American Express, Ebay and IBM are slated to post quarterly results after the closing bell.
"We're trading closer to all-time high levels, but earnings are also at all-time highs…there's still value in the market and while DC is creating a headwind for a lot of companies, we will continue to see earnings growth" said Karyn Cavanaugh, market strategist at ING U.S. Investment Management.
Cavanaugh recommended buying equities on dips and has a 1,760 target for the S&P 500 by year end.
Advance Auto Parts surged more than 16 percent after the auto parts retailer said it will acquire General Parts International in a deal worth over $2 billion.
Apple rose above $500 a share, shrugging off a report from the Dow Jones that the tech giant was cutting orders for its low-cost iPhone 5C, raising concerns over weak demand. On Tuesday, the iPad maker announced that Burberry CEO Angela Ahrendts will join Apple as senior vice president of retail and online sales next year.
(Read more: Apple cuts 5C orders on weak demand: Report)
Cloud-based software company Veeva Systems surged 85 percent in its trading debut after pricing its IPO at $20 a share, well above its expected range.
Late Tuesday, Twitter chose the New York Stock Exchange for its much-talked-about stock market debut. The social-media company has also selected Nov. 15 as a tentative date to begin trading, people familiar with the matter told CNBC. The stock will trade under the ticker symbol "TWTR."
Tech companies have traditionally gravitated toward Nasdaq, but several glitches, including during Facebook's IPO, have made some rethink.