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“Whether I’m talking to a corporate CEO or a high net worth investor, Washington has created uncertainty,” Robert McCann, CEO of UBS Wealth Management Americas told CNBC. “We still like the U.S. economy and we think there are a lot of good things going on."
"So overall, we have people in a balanced portfolio…we have to make sure people don’t overreact to any single piece of news,” said McCann.
On the earnings front, Dow component Exxon Mobil fell after earnings rose 41 percent, but results still fell short of analyst expectations.
Royal Dutch Shell earnings shot up above expectationsas oil prices rocketed.
Rival Chevron is scheduled to report earnings Friday.
DuPont reported earnings above analyst forecasts and raised its 2011 guidance.
Meanwhile, Sprint Nextel plunged almost 20 percent after the telecom service provider posted a bigger-than-expected loss as the company had more subscriber defections than expected.
Visa edged higher after the credit-card issuer reported a profit gainon higher payment volumes on Wednesday afternoon.
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