U.S. stock closed mostly lower on Wednesday as earnings season continued, while solid economic data helped financials and oil extended its losing streak despite bullish supply data.
The Dow Jones industrial average rose about 30 points after dropping 106.97 points at session lows, with Boeing contributing gains to the tune of 41 points, offsetting sharp losses in Apple, which took about 17 points off the index.
The S&P 500 momentarily eked above breakeven before closing approximately 0.15 percent lower, with real estate falling 1.3 percent to lead decliners while industrials and financials outperformed. The Nasdaq lagged, falling 0.63 percent as Apple shed about 2.25 percent.
U.S. crude settled 1.56 percent lower at $49.18 per barrel, after the Energy Information Administration reported a drawdown of nearly 600,000 barrels. WTI briefly traded higher following the EIA's release, before retreating again.
"Despite all the rhetoric that's coming out of OPEC, the fact of the matter is the [oil] market is rebalancing itself," said Peter Cardillo, chief market economist at First Standard Financial.
In economic news, the October services PMI index jumped to 54.8 from 52.3, while new home sales rose 3.1 percent in September. Mortgage applications fell 4.1 percent last week, despite lower mortgage rates.
Economic data have been in focus for investors as the Federal Reserve is schedule to meet next week. While the central bank is not expected to make any changes to its monetary policy during that meeting, it is largely expected to raise interest rates in December.