2018.04.1820:34:00UTC+00S&P 500, Nasdaq Gains on Earnings, but IBM Weighs on the Dow

The S&P 500 edged up while the Dow fell after a volatile trading session on Wednesday, with weakness in sectors like consumer staples and financials counterbalancing solid gains in the energy and industrial indexes.

The Dow Jones industrial average dropped 38.56 points to 24,748.07, as sharp losses from IBM pushed the 30-stock index lower. The S&P 500 added 0.1 percent to close at 2,708.64, while the tech-heavy Nasdaq climbed 0.2 percent to finish the session at 7,295.24.

Trading was choppy, with the Dow fluctuating between positive and negative territory while the S&P 500 pared most of its gains in the last few minutes of trading.

Higher oil prices lifted energy stocks while transport stocks such as CSX Corp helped the industrial sector. However, IBM's 7.5 percent decline was the biggest impediment on the S&P after the technology company's quarterly profit margins fell short of Wall Street targets.

United Airlines also reported better-than-expected results for the first quarter, sending its stock higher by almost five percent.

Morgan Stanley posted a record profit and revenue for the first quarter, as its trading business did better than expected. Shares of the investment bank rose over one percent before closing flat.

The corporate earnings season has gotten off to a strong start. According to Thomson Reuters, 79 percent of the S&P 500 companies that had reported through Wednesday morning surpassed earnings expectations. Meanwhile, 83 percent of those companies topped sales estimates.