Stocks: Can Apple lift the market?

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NEW YORK (CNNMoney)

The Dow Jones industrial average, the S&P 500 and the Nasdaq are all bouncing around zero gains for the day.

'Apple bounce'

Stocks opened higher as investors cheered strong quarterly earnings from Apple (AAPL, Fortune 500) and Facebook (FB, Fortune 500). But the early advance faded as so-called momentum stocks, which have been volatile recently, came under pressure. Biotechnology firms and some cloud computing companies were among the hardest hit.

Apple shares rallied after the company said late Wednesday that it was expanding its stock buyback program and increasing its dividend, while reporting quarterly results that beat expectations.

The iPhone maker also revealed a seven-to-one stock split, which will make it easier for individual investors to buy a slice of the tech giant. A single share in Apple currently costs over $500.

Facebook also beat expectations, helped by strong mobile advertising numbers.

Microsoft (MSFT, Fortune 500), Starbucks (SBUX, Fortune 500), Amazon (AMZN, Fortune 500) and Baidu (BIDU) are slated to report after the market closes.

Related: CNNMoney's Tech 30

Investors look beyond tech

Thursday is a busy day for earnings reports as well. General Motors (GM, Fortune 500) reported a $1.3 billion charge relating to a massive recall involving faulty ignition switches linked to at least 13 deaths. But excluding that charge and other one-time items, GM's earnings easily topped forecasts.

Caterpillar (CAT, Fortune 500)reported earnings that topped analysts' expectations and issued an upbeat outlook. UPS (UPS, Fortune 500) blamed the snowy weather for weak first quarter results even though people have been sending more packages, especially e-commerce sites.

Related: Fear & Greed Index still shows fear

Shares of AstraZenec (AZN)gained after the firm reported better-than-expected earnings. AstraZeneca was in the spotlight earlier this week after it was reported that Pfizer (PFE, Fortune 500) had considered buying the company for £60 billion ($100 billion). Some think an offer may yet come.

Meanwhile, in Paris, Alstom (ALSMY) shares surged by roughly 12% Thursday following a Bloomberg report that General Electric (GE, Fortune 500) may make a multi-billion dollar bid for the company. The French maker of turbines and trains said it was "not informed" of a takeover offer.

On the economic front, initial claims for unemployment benefits rose in the past week. But a report on new orders for long-lasting goods in March came in better than expected.

European markets were all pushing higher in morning trading, while Asian markets ended with mixed results.