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NEW YORK (CNNMoney)
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq edged up between 0.1% and 0.5%, the day after both the Dow and S&P hit new 5-year highs.
Investors were encouraged by tech earnings released late Tuesday, after IBM (IBM, Fortune 500) and Google (GOOG, Fortune 500) both reported earnings that topped forecasts.
US Airways (LCC, Fortune 500) added to the enthusiasm when it reported earnings Wednesday morning that beat forecasts. Shares of McDonald's (MCD, Fortune 500) ticked down slightly though after the company warned that same-store sales could fall in January. Its earnings did top estimates, however.
Investors are now waiting for Apple (AAPL, Fortune 500) and Netflix (NFLX), which are scheduled to report quarterly results after Wednesday's close.
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Apple has been under pressure recently amid concerns about waning iPhone sales. Expectations for earnings vary widely, but many forecasters expect Apple to report a drop in profit for the first time in 9 years.
Overall, S&P 500 companies are expected to report earnings growth of 3.8% for the last three months of 2012, according to S&P's Capital IQ.
Still not all earnings reports have been positive. Luxury retailer Coach (COH)disappointed investors. Revenue missed forecasts and Coach said holiday sales were "challenging." Shares fell more than 15%.
Investors are also keeping an eye on the World Economic Forum in Davos, Switzerland, where business and political leaders have gathered to discuss economic issues. JPMorgan Chase (JPM, Fortune 500) Chief Executive Jamie Dimon, who attended the event Wednesday, apologized again to shareholders for trading losses the bank suffered on credit derivatives last year, although he said "life goes on."
U.S. stocks finished higher Tuesday.
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European markets were mixed in afternoon trading, while Asian markets ended mostly flat, with the exception of the Nikkei, which slumped 2%.
The dollar was also lower versus the yen and the British pound, but flat against the euro.
Oil and gold prices edged lower.
The price of the 10-year Treasury increased slightly, pushing the yield down to 1.83% from 1.84%. 
First Published: January 23, 2013: 9:49 AM ET
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