Johannes Eisele | AFP | Getty Images
“So far the fears are unfounded,” Rupkey said.
But stock gains were kept in check after companies like Exxon Mobil and Intel delivered quarterly reports that disappointed investors.
Dow member Exxon fell more than 2% after the company’s results were dragged down by poor performances in its refining and chemicals businesses. Intel, another Dow component, fell more than 10% after the company issued light revenue guidance for the year. The stock was also headed for its biggest one-day drop since 2008.
“The burden of proof is fairly high,” said Eric Wiegand, senior portfolio manager at U.S. Bank Wealth Management. “Investors’ appetite for companies that either disappoint or offer lower guidance on a go-forward basis tends to be met with a pretty sharp reaction.”
Those results overshadowed stronger-than-expected numbers from companies like Amazon and Ford Motor.
Amazon shares traded 0.7% higher after results topped expectations on Thursday and Wall Street analysts trumpeted its announced push to one-day delivery for Prime members.
Ford Motor, meanwhile, jumped 10% after issuing better-than-forecast quarterly numbers, which were driven by strong truck and SUV sales in North America.
Other companies that reported between Thursday afternoon and Friday morning include, Mattel, Starbucks and American Airlines.
The S&P 500 and Nasdaq were on pace for solid gains this week after more than 140 companies released their quarterly reports. The two indexes were up 1% and 1.7%, respectively, and hit record closing highs.
—CNBC’s Sam Meredith contributed to this report.