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Stocks Mixed, S&P Closes at Record High on Apple, Pepsi Earnings

Stocks had a mixed day on Wednesday, but the S&P 500 closed at a record high, boosted by higher-than-expected earnings from Pepsi and Apple. The Dow Jones Industrial Average unofficially closed 26 points lower, but the S&P 500 rose 3 points for another record high of 1,987.01. The Nasdaq added 17 points on strong tech results."We're seeing improving sales and improving earnings and the market is reacting to that. In the short term, I expect that to continue. This is a trend, and you don't want to get in front of that," said Brad McMillan, chief investment officer at Commonwealth Financial, who views valuations are a longer-term concern. PepsiCo shares rose after the beverage maker reported revenue that topped expectations. Apple shares also rose, after the technology giant posted profits that beat expectations late on Tuesday.

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Closing Bell Exchange: Healthy correction 4:24

IN DEPTH

- Kate Gibson, Evelyn Cheng, CNBC.com