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NEW YORK (CNNMoney)
The Dow Jones industrial average slipped 0.2% in early trading. The S&P 500 was little changed. The Nasdaq rose 0.4%.
Stocks have been grinding higher as investors take solace in mostly improved earnings.
The Dow closed at a record high Tuesday, while the S&P 500 remains near its record high. All three indexes have gained about 19% so far this year.
Shares of Apple (AAPL, Fortune 500) were rallying after the iPhone maker reported quarterly earnings that beat expectations, easing investor anxiety about tech giant's future. One of the most widely-held stocks, Apple shares often have an out-sized impact on the overall market.
Also boosting the broader market was Ford (F, Fortune 500), which posted better-than-expected profits, and said this was its best-ever second quarter in North America and Asia.
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In other earnings, PepsiCo (PEP, Fortune 500), maker of Pepsi and Frito-Lay products, reported a increase in quarterly profit.
Airplane manufacturer Boeing (BA, Fortune 500) reported improved earnings and revenue, and raised its guidance for the year.
Caterpillar (CAT, Fortune 500) posted earnings and sales below forecasts. The heavy equipment manufacturer also lowered its earnings and sales outlook for the year.
Shares of EA (EA) rose nearly 10% after the video game maker said earnings were above the company's forecast.
Broadcom (BRCM, Fortune 500) reported a sharp drop in quarterly earnings, which the chipmaker blamed on its $3.7 billion acquisition of NetLogic Microsystems.
Facebook (FB)and Visa (V, Fortune 500) are due after the close.
Overall, corporate earnings have been better than anticipated, although revenue growth remains modest.
Among the nearly 150 companies in the S&P 500 that have reported second-quarter results, 65% have topped analysts' low expectations, according to S&P Capital IQ.
Aside from earnings, Dell (DELL, Fortune 500) said it has received a revised offer from founder Michael Dell, and would be holding a special meeting Aug. 2 to consider its options.
Apparel company HanesBrands (HBI) said it reached an agreement to buy Maidenform Brands (MFB) in an all-cash deal worth $575 million.
On the economic front, the Commerce Department said new home sales rose at an annual rate of 497,000 in June, up 8.3% from May. Economists had expected an annual rate of 483,000.
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European markets were all moving up in midday trading after the latest eurozone purchasing managers' index showed the region was stabilizing. Manufacturing output grew for the first time since February 2012, while the service sector saw its smallest rate of decline for 18 months.
"The hope for the eurozone is that current gradually rising confidence encourages businesses to increasingly pare back their job cutting and become more prepared to invest," said Howard Archer, chief European economist at IHS Global Insight.
Related: Factory output puts brakes on China's growth
Meanwhile, Asian markets had a mixed day after HSBC said Wednesday that its "flash" index of Chinese manufacturing purchasing managers' sentiment fell to an 11-month low in July.
First Published: July 24, 2013: 9:41 AM ET
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