Stock markets mixed as investors digest corporate results

NEW YORK - Global stock markets diverged on Wednesday, with Wall Street pushing higher on the back of strong earnings, while European indexes slipped on a mixed bag of corporate results and signs the US Federal Reserve is likely to tight on interest rate cuts in the coming months.

In New York, the broad-based S&P 500 rose to close just short of the 5,000-point mark after a string of fresh record highs. 

The Dow and the Nasdaq also finished higher. 

US optimism was fueled by the most recent corporate earnings, with automaker Ford beating estimates in results released late Tuesday, while Chipotle Mexican Grill also exceeded market expectations.

Ford's shares finished the day up more than six percent, and Chipotle more than seven percent. 

And Disney's shares also rose in after-hours trading after it posted quarterly results that beat expectations. 

"The market keeps on rolling higher," Spartan Capital chief market economist Peter Cardillo told AFP. 

"It's about earnings," he said. "The earnings season is favoring  stocks at this time and investors like what they are hearing in term of guidance."