4:20 pm : The major averages registered gains after a final hour rally pushed the S&P 500 and Nasdaq to their highs. For its part, the Dow ended flat.

Quarterly earnings were in focus this morning after JPMorgan Chase (JPM 54.97, -0.17) and Wells Fargo (WFC 42.63, +0.74) announced their results. Both banks reported bottom-line beats on in-line revenues. However, JPMorgan Chase saw a 7.0% quarter-over-quarter decrease in mortgage originations while Wells Fargo reported a 2.7% increase. The results provided support for other bank shares and the financial sector settled atop the sector leaderboard with a gain of 0.5%.

Discretionary shares also outperformed the broader market as online retailers displayed strength. Amazon.com (AMZN 307.55, +7.89) jumped 2.6% and shares of the online auction site eBay (EBAY 57.04, +1.16) advanced 2.1%. However, traditional retailers did not fare as well and the SPDR S&P Retail ETF (XRT 80.81, -0.20) shed 0.3%.

Equities slipped to their lows following comments from Philadelphia Fed President Charles Plosser, who said the Federal Reserve should begin reducing the pace of its asset purchases in September and end the program by year's end. Mr. Plosser followed those remarks by saying the Fed does not "want to create another housing boom."

Shortly after Mr. Plosser's comments, St. Louis Fed President James Bullard reiterated his opposition to dialing down the stimulus. It should be noted Mr. Bullard is a voting member of the Federal Open Market Committee this year while Mr. Plosser will not have a vote until next year.

Early afternoon action saw the health care sector jump to fresh highs after Bloomberg reported Roche Holdings

5:03PM Ryder System increases quarterly cash dividend 9.7% to $0.34 to $0.31 per share (R) 60.82 0.09 :  

5:02PM Rally Software Development files registration for proposed $70 mln follow-on offering (RALY) 24.41 -0.08 : Co announced that it has filed a registration statement with the U.S. Securities and Exchange Commission (the "SEC") for a proposed $70 million public offering of shares of its common stock. The offering is expected to consist primarily of shares from certain existing stockholders. In addition, Rally Software expects to offer 250,000 shares. Rally Software will not receive any proceeds from the sale of the shares by the selling stockholders. The primary purposes of the offering are to facilitate an orderly distribution of shares by the selling stockholders, increase the company's public float and increase the company's financial flexibility. Deutsche Bank Securities Inc. and Piper Jaffray & Co. are acting as joint book-running managers, with Needham & Co., LLC, JMP Securities LLC and William Blair & Company, L.L.C. acting as co-managers for the offering.

5:01PM Anthera Pharma announces 1-for-8 reverse stock split (ANTH) 0.51 +0.02 : Co announced that it has filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation to effect a 1-for-8 reverse stock split of its common stock, effective as of 5:00PM Eastern Time today. A Certificate of Amendment to effect a reverse stock split was approved by the Company's stockholders at its Annual Meeting of Stockholders held on May 16, 2013, and the specific 1-for-8 ratio was subsequently approved by the Company's Board of Directors.