NEW YORK (AP) - The stock market eked out a record high Wednesday, as investors weighed positive earnings from the technology industry against disappointing news from Boeing and other companies.
Apple's earnings topped Wall Street expectations, helped by rising shipments of iPhones. Microsoft also reported results that beat forecasts.
So far, with less than a fourth of U.S.-listed companies reporting their quarterly financial performance, results have been coming in better than expected. About 72 percent of Standard & Poor's 500 companies that have reported earnings have beaten expectations, and 73 percent have beaten sales forecasts.
Investors have become increasingly optimistic about the latest quarter. On June 30, they expected earnings to rise 4.9 percent from a year earlier. They now expect earnings to increase 5.5 percent.
The S&P 500 rose 3.48 points, or 0.2 percent, to close at 1,987.01, beating its previous record from July 3 by less than two points.
The Nasdaq composite rose 17.68 points, or 0.4 percent, to end at 4,473.70.
The Dow Jones industrial average bucked the trend. It fell 26.91 points, or 0.2 percent, to 17,086.63, and was dragged down by Boeing.
The aircraft maker slipped $3.03, or 2 percent, to $126.71, the biggest fall in the Dow, after reporting revenue that missed analysts' expectations.