Social network icon Facebook saw its share prices soar nearly 30% after earnings blew past expectations, prompting many brokerages to raise the price targets on the company.
At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.09%, the S&P 500 index rose 0.26%, while the Nasdaq Composite index rose 0.71%.
Facebook shares soared by almost 30%, breaking past USD34 a share, about USD4 shy of its IPO price, after the company reported results that blew past expectations thanks to revenue stemming from mobile applications, according to an earnings statement.
Revenue increased by 53% to USD1.81 billion, beating market calls for USD1.62 billion.
Mobile advertising revenue represented approximately 41% of advertising revenue for the second quarter of 2013, the company said.
Materials and utilities stocks rose as well, though industrial stocks watered down gains.
Investors bought and sold on earnings, though most were waiting until next week, when the July jobs report will publish and provide a new weather vane for markets.
The Labor Department said earlier that the number of individuals filing for initial jobless benefits last week increased by 7,000 to 343,000 compared with expectations for a gain of 4,000 to 340,000.
In a separate report, the Commerce Department said orders for durable goods rose by 4.2% in June, outpacing expectations for an increase of 1.3%.
Durable goods for May were revised to a 5.2% gain from a previously reported 3.7% increase.
Core durable goods orders, which exclude volatile transportation items, were flat in June, missing expectations for a 0.5% increase.
Leading Dow Jones Industrial Average performers included Chevron, up 1.10%, Bank of America, up 0.88%, and Merck, up 0.84%.
The Dow Jones Industrial Average's worst performers included Microsoft, down 1.81%, Home Depot, down 1.59%, and Caterpillar, down 1.57%.
European indices, meanwhile, finished lower.
After the close of European trade, the EURO STOXX 50 fell 0.43%, France's CAC 40 fell 0.17%, while Germany's DAX 30 finished down 0.96%. Meanwhile, in the U.K. the FTSE 100 finished down 0.49%.
On Friday, the U.S. will release a revised Thomson Reuters/University of Michigan gauge on consumer sentiment.
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