Stock Market Today: S&P 500 Gets Earnings Lift and Pushes to a Record High

NEW YORK (TheStreet) -- U.S. stocks were mixed Wednesday as investors digested a barrage of earnings reports from companies such as Apple (AAPL) and PepsiCo (PEP).

PepsiCo shares were popping nearly 4% to $92.48 after the beverage and snacks giant booked stronger-than-forecast earnings and raised its full-year profit outlook. Delta Air Lines (DAL) was adding on more than 3% to $38.80 after reporting that quarterly net income rose 17% to $801 million as passenger revenue increased 9.1% to $9.27 billion. Apple shares were gaining 0.82% to $95.50 after earnings in the quarter ended June 28 rose at the highest rate in nearly two years as the tech giant sold 35.2 million iPhones during the period.

The S&P 500 was higher by 0.1% to 1,985, a record high. The Dow Jones Industrial Average was trading sideways at 17,098.09. The Nasdaq was ticking up 0.34% to 4,471.02.

TheStreet's Susannah Lee has Wednesday's opening bell action on Wall Street:


WATCH: More market update videos on TheStreet TV

Aerospace giant Boeing (BA) hiked its 2014 earnings per share outlook to between $7.90 and $8.10 from its previous forecast of $7.15 to $7.35. Net earnings for the second quarter increased by 52% to $1.65 billion as its backlog remained strong at $440 billion with more than 5,200 commercial airplane orders.

Microsoft (MSFT) on Tuesday evening reported fiscal fourth-quarter earnings that beat Wall Street expectations.

July 23 Premarket Briefing: 10 Things You Should Know

Stock Market Today: S&P 500 in Record-Marking Zone as Chipotle, Comcast Boost Profits

U.S. stocks moved back into record-making territory on Tuesday as positive earnings overshadowed continued unease in Eastern Europe and the Middle East. Boosting the index, Chipotle (CMG), Comcast (CMCSA) and Verizon (VZ) gained following better-than-expected earnings reports.

S&P Capital IQ reported that S&P 500 second-quarter earnings growth is now expected to come in at 7% year over year, with earnings per share of $28.80. All 10 sectors are anticipated to have grown the second quarter.

Meanwhile, a report from Yardeni Research said that S&P 500 forward earnings rose to a record high last week and have risen in 23 of the past 24 weeks. The S&P 400 has been up for 15 weeks and at a record high for the past 13 weeks. The S&P 600 has been at a record high for seven weeks after rising for nine consecutive weeks.

AT&T (T) and Facebook (FB) will be reporting after the markets close. AT&T is expected by Wall Street to post second-quarter earnings of 63 cents a share on revenue of $33.22 billion. Social networker Facebook, which has worked to shift its business to mobile, is expected by Wall Street on Wednesday to report second-quarter earnings of 32 cents a share on revenue of $2.81 billion.

Herbalife (HLF) was also drawing attention. Activist investor Bill Ackman denounced the weight loss and nutritional supplements company as a pyramid scheme in a three-hour presentation on Tuesday, but Wall Street shrugged off his criticism and sent the company's stock soaring more than 25% to $67.77. Shares were down 3.93% to $65.07 in early trades Wednesday.

-- By Andrea Tse in New York

More from Markets

P&G, GE and IBM Need to Innovate; Has Starbucks' Stock Grown Ice Cold?--ICYMI

P&G, GE and IBM Need to Innovate; Has Starbucks' Stock Grown Ice Cold?--ICYMI

Is Best Buy Sleeping With the Enemy With Amazon Partnership?

Is Best Buy Sleeping With the Enemy With Amazon Partnership?

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Sprint, T-Mobile Might Have to Do More Than Make Promises to Get Deal Approved

Video: The S&P 500 Is Failing to Make New Highs

Video: The S&P 500 Is Failing to Make New Highs

Dow, S&P 500 and Nasdaq Finish Lower as Apple, P&G Slump

Dow, S&P 500 and Nasdaq Finish Lower as Apple, P&G Slump