The Dow Jones Industrial Average erased gains of more than 100 points Wednesdsay as Boeing shares dropped to their lows of the day.
The 30-stock index came off its highs of the morning, maintaining gains of 27.51 points to 29,223.55
The S&P 500 regained 9.14 points at 3,329.93
The NASDAQ popped 51.23 points to 9,425.45. Both hit record highs after the release of strong quarterly numbers from IBM.
Boeing traded about 2% lower following a downgrade by a Vertical Research Partners analyst who said he is “throwing in the towel” on the airplane maker.
For its part, IBM saw its shares climb more than 4% on the back of quarterly numbers that beat analyst expectations. The company also issued 2020 earnings guidance that topped estimates.
These results put IBM "on its front foot for 2020," Nomura Instinet analyst Jeffrey Kvaal said in a note. "IBM is quickly pivoting its existing businesses toward the hybrid cloud."
So far, more than 10% of S&P 500 companies have posted their latest quarterly results. Of those companies, 75% have posted better-than-forecast earnings.
Tesla shares, meanwhile, rose 6.3% as the electric car maker's market cap broke above $100 billion for the first time. Semiconductor stocks also hit an all-time high, as Intel and Qorvo advanced more than 2% each.
Airline and casino stocks rebounded Wednesday after falling sharply in the previous session. American gained 1.7%, and United Airlines took on 0.9%. Las Vegas Sands, meanwhile, advanced 0.2%.
Stocks pulled back slightly on Tuesday as worries over the spreading of the deadly coronavirus dampened investor sentiment. Those fears eased Wednesday after China unveiled measures to rein in the virus.
Overall, stocks are off to a strong start for the year. Through 13 sessions, the S&P 500 has closed lower just five times and is up 2.8%.
Prices for the 10-Year U.S. Treasury lost their strength, raising yields to 1.78% from Tuesday's 1.77%. Treasury prices and yields move in opposite directions.
Oil prices slid $1.37 to $57.01 U.S. a barrel.
Gold prices dipped $1.30 to $1,556.60 U.S. an ounce.