Here's what happened to the stock market on Wednesday

Traders work on the floor of the New York Stock Exchange (NYSE) on July 10, 2019.
Spencer Platt | Getty Images

Dow Jones Industrial Average falls 9 points

The Dow fell 9.77 points, or 0.03% to 29,286.27. The S&P 500 advanced 0.03% to end the day at 3,321.7. The Nasdaq Composite closed 0.14% higher at 9,383.77. Strong earnings from IBM sparked a rally in tech stocks, which lifted the S&P 500 and Nasdaq to record highs.

IBM earnings spark tech rally

IBM posted a profit of $4.71 per share on revenue of $21.77 billion. Analysts polls by Refinitiv expected earnings per share of $4.69 on revenue of $21.64 billion. This propelled not only a jump in the stock, but also gains in the broader tech sector. IBM added to what has already been a strong start to the earnings season. However, some investors worry the market may be overly optimistic over the prospect of further gains. If euphoria takes over the market, it could eventually lead to a steep downturn.

Apple hits record, IBM jumps

Apple shares rose 0.36% and hit a record high. IBM was the best-performing stock in the Dow, rising 3.39%. Boeing, however, offset some of those gains with a 1.39% drop.

What happens next?

The weekly jobless claims data is set for release Thursday morning. NBCUniversal-parent Comcast, Procter & Gamble and American Airlines are among the companies slated to report earnings. Read more here.

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