U.S. equities closed mixed on Tuesday as energy capped gains, while investors focused on a slew of corporate earnings reports.

The S&P 500 ended just above breakeven, with energy falling more than 1 percent to lead decliners. Crude futures for March delivery fell 1.58 percent to settle at $52.17 per barrel amid concerns of higher U.S. shale production.

"Today, as opposed to two years ago, we're looking at a commodity that's not in short supply. That makes it a lot less of a long-term investment," said Maris Ogg, president at Tower Bridge Advisors. "This is really like a growth company that fesses up that it can't grow anymore."

The Dow Jones industrial average briefly rose more than 100 points, hitting a new record high, before closing about 40 points higher with Boeing and IBM contributing the most gains.

"I think the market trading today is sort of indicative of people confused by everything that's going on or investors squaring positions ahead of something," said Mark Luschini, chief investment strategist at Janney Montgomery Scott. "I don't think it's necessarily bad, ... but the market is in search of a catalyst to go higher."

The Nasdaq composite reached new all-time intraday and closing highs.

General Motors, Archer Daniels Midland and Michael Kors were among the companies that reported before the bell. Disney, Gilead Sciences, Mondelez, Pioneer Natural Resources and Zillow are among many other companies due to report after the market close.



"We are having a pretty good earnings season. That's really [supporting] the market here," said Lisa Kopp, head of traditional investments at U.S. Bank Wealth Management. "We see a generally higher trend for stocks, but with some volatility, for 2017."