Analysts said investors were being mostly cautious after sending the market's major indexes to 52-week highs last week. Many wanted to see not only solid earnings but also better-than-expected revenue and outlooks before making major stock purchases.

"The earnings numbers are pretty good, but the large run-up in stocks this year discounts a lot of that," said John Caldwell, chief equity strategist for McDonald Financial Group. "The bottom line is the market still looks relatively expensive."

The Nasdaq composite index dropped 12.56, or 0.7 percent, to 1,885.51. The Dow Jones industrial average closed up 14.89, or 0.2 percent, at 9,613.13, following a two-day loss of nearly 180 points.

The Standard & Poor's 500 rose 3.41, or 0.3 percent, to 1,033.77.

Computer Associates International Inc. dropped $2.13 to $23.02 after the software maker reported a wider quarterly loss and lowered revenue projections.

A sharp sell-off in Japan also pressured U.S. shares. Tokyo stocks slid 5.1 percent on the U.S. dollar's weakness again the yen and Wall Street's recent declines on earnings disappointments.

Eli Lilly & Co. rose $4.32 to $65.10 after reporting third-quarter profits that met estimates. And Bristol-Myers Squibb Co. gained 85 cents to $25.10 after a doubling of third-quarter profits that beat analysts' expectations.

The Labor Department said new jobless claims fell last week by a seasonally adjusted 4,000 to 386,000, the lowest level since Sept. 20.