Trading was volatile, with the S&P fluctuating between positive and negative territory throughout the session, while the Dow moved between modest and solid losses and the Nasdaq swung between modest and strong gains.
The S&P materials index rose 0.6% as one of the best performing major S&P indexes, led by a 6.6% gain in Dow Chemical
In addition, Alcoa Inc
Energy stocks, another group with some correlation to the pace of economic growth, advanced 0.5%.
"We still think economically-sensitive stocks have room to run... Those have the potential to be long-term winners," said Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management in Boston.
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The Dow fell as Travelers Cos Inc
Travelers fell 1.7% to $85 after posting a profit that beat expectations, though investors worried about the insurance provider's margins. Verizon lost 1.3% to $47.70, while J&J dropped 1.1% to $94.03 after it gave a forecast at the low end of analyst expectations.
According to Thomson Reuters data, earnings for the fourth quarter are expected to grow 7% over the prior year. Of the 61 companies in the benchmark S&P index that have reported so far, about 56% topped analyst expectations, below the long-term average of 63%. About 71% have topped revenue forecasts, above the long-term average of 61%.
The Dow Jones industrial average was down 44.12 points, or 0.27%, at 16,414.44. The Standard & Poor's 500 Index was up 5.10 points, or 0.28%, at 1,843.80. The Nasdaq Composite Index was up 28.18 points, or 0.67%, at 4,225.76.
As the Federal Reserve has embarked on its plan to reduce stimulus, investors will closely monitor corporate profits for signs of growth. About eight companies have issued negative outlooks for every positive one, which would mark the lowest ratio on record should it continue.
"Results are running light, and negative announcements have been off the hook with very high levels of negative guidance," said Mortimer, who helps oversee about $185 billion in client assets. "The market pays a premium for growth, and the stocks that have rallied and then disappointed are susceptible to large drops almost immediately."
International Business Machines Corp
Texas Instruments Inc
Cree Inc
US-listed shares of BlackBerry Ltd
Delta Air Lines Inc
About 63% of companies that trade on the New York Stock Exchange closed higher while 59% of Nasdaq-listed names ended in positive territory. About 6.78 billion shares traded on all US platforms, according to BATS exchange data.