The Dow Jones Industrial Average rose on Wednesday on the back of strong quarterly earnings from companies like IBM, United Technologies and Procter & Gamble.
The 30-stock index rose 171.14 points to 24,575.62. Big gains were hard to find away from companies that reported earnings, so the broader market was little changed. The S&P 500 gained 0.2 percent to close at 2,638.70, led by a 1.2 percent jump in the consumer staples sector. The Nasdaq Composite advanced 0.1 percent to 7,025.77.
Dow members United Technologies and Procter & Gamble both rose more than 4.8 percent after reporting better-than-expected earnings. IBM, another Dow component, jumped 8.5 percent in its best session since Oct. 18, 2017.
"Ultimately, when you look at the data, the thing that matters most to the market is earnings," said Andres Garcia-Amaya, founder of Zoe Financial. "I would say the technology sector is one that could make or break the story for equities. If you look at margins for the sector versus the other sectors, it's by far the largest."
"If you start to actually see margins for the technology sector deteriorate, that's going to basically be something investors are not going to be happy about," Garcia-Amaya said.