Archer Daniels Midland, one of the largest U.S. food processors and ethanol producers, reported sharply higher quarterly profit Tuesday, helped by higher selling prices and an accounting change.

“Bear markets go from denial to panic to despair," says one strategist. "And we’re at the despair point, which I’m hoping is the last of the stages.”

Wall Street's earnings season continued to reveal a mixed picture Thursday, with a handful of big-name companies either issuing gloomy outlooks or missing projections altogether. But there were some bright spots on the corporate earnings front.

Stocks wavered as oil's relentless ascent boosted energy stocks but a sharp drop in financials and autos curbed gains.

Stocks wavered as oil's relentless ascent boosted energy stocks but a sharp drop in financials and autos curbed gains.

The market's dollar-fueled  rally fizzled as oil resumed its ascent and weakness in financials seeped into the broader market.