The Dow Jones Industrial Average rose 61.75 points, or 0.19 percent, to 33,301.93. The S&P 500 added 8.76 points, or 0.21 percent, to 4,183.96. The Nasdaq Composite Index fell 1.81 points, or 0.01 percent, to 12,488.93.
Six of the 11 primary S&P 500 sectors ended in red, with communication services and real estate down 2.61 percent and 0.66 percent, respectively, leading the laggards. Materials and energy both climbed 1.48 percent, the best-performing groups.
Shares of Google-parent Alphabet fell more than 3 percent after the company reported weaker-than-expected earnings and revenue for the first quarter. Microsoft shares jumped 4.8 percent after the company delivered strong earning results.
The above market reactions followed a brutal session on Wall Street, which saw the Dow tumble 809 points. The tech-heavy Nasdaq was particularly hard-hit on Tuesday, falling nearly 4 percent, amid anxiety over high-profile U.S. earnings and growing worries that rapid tightening by the Federal Reserve will slow growth.
"Aggressive Fed expectations have been priced into the market, and we acknowledge the risks to earnings have risen," Mark Haefele, chief investment officer at UBS Global Wealth Management, said Wednesday in a note.
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