(CNBC) — U.S. stocks mostly rose on Wednesday, with the S&P 500 finishing at a record for the 26th time this year, as investors weighed earnings from companies including Boeing and Apple.

“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.

“There has been a tailwind behind the market for some time — not irrational exuberance — but as things continue to be less worse, regarding the economy and corporate earnings, so we have this relentless climb,” said Erik Davidson, deputy chief investment officer for Wells Fargo Private Bank.

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