It was a divided market on Wednesday as traders evaluated a rush of first-quarter earnings results. The Dow Jones Industrial Average rose on the back of strong earnings from Procter & Gamble, while the Nasdaq Composite was dragged down by an epic plunge in shares of one-time darling Netflix.
The 30-stock index zoomed 331.65 points, or nearly 1%, to 35,242.85.
The S&P 500 gained 15.83 points to 4,478.04.
The NASDAQ Composite shed early gains and lost 92.29 points to 13,527.37.
The moves came as Netflix fell more than 36% after reporting a loss of 200,000 subscribers in the first quarter. The loss dragged shares of other streaming companies lower. Disney, Roku and Warner Bros. Discovery fell more than 4%. Paramount lost 7%.
The Netflix blow-up scared investors away from buying other technology stocks ahead of earnings. Tesla, which is scheduled to report earnings after the bell, fell about 3%. Amazon and Salesforce lost more than 2%.
Meanwhile, IBM rose more than 6% following a beat on earnings and revenue, which helped lift the Dow. Procter & Gamble, another Dow component, reported better-than-expected results and hiked its full-year revenue guidance. Its shares gained more than 2%.
Roughly 12% of S&P 500 companies have reported first-quarter earnings thus far, with 80% of those names beating analyst expectations.
Tesla and United Airlines are slated to report after the bell.
Treasury prices dipped sharply, raising yields to 2.87%, from Tuesday's 2.94%. Treasury prices and yields move in opposite directions.
Oil prices regrouped 17 cents to $102.73 U.S. a barrel.
Gold prices subsided $3.70 to $1,955.30 U.S. an ounce.