(CNBC) -- Stocks rose slightly on Wednesday, with the S&P 500 and Nasdaq Composite notching record highs, as IBM led the gains for the tech sector.
The S&P 500 traded 0.1% higher along with the Dow Jones Industrial Average. The Nasdaq Composite advanced 0.2%. The major averages gave up most of their gains in the final hour of trading, however, as Netflix shares dropped 3.6%.Boeing also fell more than 1% to amid renewed concerns over the 737 Max.
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IBM shares climbed 3% on the back of quarterly numbers that beat analyst expectations. The company also issued 2020 earnings guidance that topped estimates. These results put IBM “on its front foot for 2020,” Nomura Instinet analyst Jeffrey Kvaal said in a note. “IBM is quickly pivoting its existing businesses toward the hybrid cloud.”