The S&P 500 hit a record high on Wednesday, lifted by bullish earnings from companies like Apple and Microsoft, though technical resistance and conflicts in Ukraine and the Gaza Strip kept gains in check. The S&P touched a record above 1,989 but the 1,985-1,990 area was developing into technical resistance, analysts said.
News of two Ukrainian fighter jets being downed Wednesday, near the area where a passenger jet was shot down last week, added to caution on markets. About 64.3 percent of S&P 500 components have reported revenue exceeding analyst expectations, above the 61 percent beat rate since 2002 and 55 percent over the past four quarters. The Dow Jones industrial average fell 7.32 points, or 0.04 percent, to 17,106.22, the S&P 500 gained 5.1 points or 0.26 percent, to 1,988.63 and the Nasdaq Composite added 21.89 points or 0.49 percent, to 4,477.90.
Apple shares jumped 2.8 percent to $97.37. Microsoft shares rose 1 percent to $45.26 a day after it said it aimed to get its loss-making Nokia phone unit to break even within two years. Boeing reversed a premarket gain and fell 2.2 percent to $126.86. PepsiCo rose 3.3 percent to $92.07 after it reported a higher-than-expected quarterly profit.
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