New York, Jan 23 (IANS): US stocks traded higher on Wednesday as investors digested a slew of quarterly corporate earnings reports.

At midday, the Dow Jones Industrial Average increased 20.77 points, or 0.07 per cent, to 29,216.81. The S&P 500 added 8.35 points, or 0.25 per cent, to 3,329.14. The Nasdaq Composite Index was up 46.40 points, or 0.50 per cent, to 9,417.20, the Xinhua news agency reported.

IBM reported operating non-GAAP earnings per share of $4.71 on revenue of $21.8 billion, both topping Wall Street's expectations.

The company said it expects this year's operating non-GAAP earnings per share to reach at least $13.35.

"We ended 2019 on a strong note, returning to overall revenue growth in the quarter, led by accelerated cloud performance," said Ginni Rometty, IBM chairman, President and Chief Executive Officer, in a statement.

IBM shares rose 2.84 per cent in morning session on Wednesday.

So far, more than 10 per cent of S&P 500 companies have posted their latest quarterly results. Of those companies, 75 per cent have posted better-than-forecast earnings, according to a news report.