Most stocks rise and indexes end mixed as earnings reports kick off

Most U.S. stocks rose on Wednesday, but indexes petered out to a mixed finish as momentum weakened following an encouraging start to what’s expected to be a thunderous earnings reporting season.

The S&P 500 fell 16.93 points (0.4%) to 4,124.66, a day after returning to an all-time high. It flipped between small gains and losses several times through the day.

The Dow Jones Industrial Average rose 53.62 points (0.2%) to

33,730.89. The Nasdaq composite lost an early gain to drop 138.26 (1%) to 13,857.84.

The market was held back by drops for several heavyweight tech stocks, including Apple and Ama- zon, but the majority of stocks within the S&P 500 rose. Smaller companies also rallied amid growing optimism as COVID-19 vaccines are rolled out and businesses reopen. The Russell 2000 index of small-cap stocks climbed 18.79 (0.8%) to 2,247.72.

Shares of Coinbase Global, an exchange for digital currencies, surged in their market debut, perhaps a defining moment for cryptocurrencies as they get embraced more by the mainstream.

Its stock opened at $381, after the Nasdaq earlier gave it a $250 reference price. It quickly rallied toward $430 before closing at $328.28. At that price, investors say the company is worth more than $85 billion, more valuable than Nasdaq or Intercontinental Exchange, the owner of the New York Stock Exchange.

Interest in and prices for cryptocurrencies have been exploding recently as more companies and investors get involved. Coinbase turned a profit last year after reversing a $30.4 million loss from the year before.