NEW YORK (CNN/Money) - The Dow Jones industrial average declined Wednesday on weakness in aerospace and a mixed tech picture, as investors hung back ahead of corporate results from IBM and Apple, released after the bell.

The Dow Jones industrial average fell 80.54 to 10,220.78. The Nasdaq composite index was down 6.12 to end the day at 1,810.67. The Standard & Poor's 500 lost 2.30 to close at 1,126.07.

After the close of trade, IBM (IBM: down $1.39 to $84.81, Research, Estimates), the world's largest computer hardware maker, reported a profit of 68 cents a share, showing a sharp decline from the 98 cents earned one year earlier, but in line with recently reduced estimates. The news was hardly surprising, as the company had pre-announced results early last week.

On a more positive note, PC-maker Apple Computer (AAPL: up $0.37 to $26.11, Research, Estimates) reported earnings of 11 cents a share, a penny better than estimates, but a little lower than the profit earned one year earlier. Looking forward, the company sees flat earnings per share in the next quarter and a slight improvement in revenue.

Thursday brings a mix of reports from a number of big tech names, including data storage maker EMC, and five Dow components, including Honeywell (HON: down $0.30 to $40.46, Research, Estimates) and Microsoft (MSFT: down $1.18 to $56.63, Research, Estimates).

A number of Dow components were active Wednesday after reporting their data. Aerospace name Boeing fell on disappointing results, dragging rival United Technologies with it. Intel rose on a positive forecast, while JP Morgan Chase benefited from results that beat estimates.

"We had a strong rally yesterday, but today we're seeing investors sell into that rally a little," said Alan Ackerman, market strategist at Fahnestock & Co. "We're in a trading market. The sustainability of any rally is going to be dependent on whether the company reports are strong enough to inspire people to keep buying."

Treasury prices fell slightly, pushing the 10-year note yield up to 5.23 percent by the close.

European markets closed higher on tech gains, while Asian stocks also advanced. The dollar was lower versus the yen and the euro. Amid continued instability in the Middle East, light crude oil futures rose 99 cents to $26 a barrel.

Market breadth was mixed. On the New York Stock Exchange, winners beat losers 8-to-7 as almost 1.36 billion shares changed hands. On the Nasdaq, decliners beat advancers 9-to-8 as 1.89 billion shares traded.

Also on investors' minds was Federal Reserve Chairman Alan Greenspan's testimony before the Joint Economic Committee of Congress. He said that prospects for the U.S. economy have brightened, but factors such as rising energy prices could inhibit growth.

"Greenspan's comments suggest the Fed won't be aggressive in raising rates in the near term, which is a positive for markets, but he's not saying anything that surprising," said Michelle Clayman, chief investment officer at New Amsterdam Partners.

After cutting interest rates 11 times last year, market watchers are usually closely attuned to any hints he gives regarding the timeline of raising rates. But the major indexes showed little reaction to Greenspan's speech.

Aircraft manufacturer Boeing (BA: down $3.33 to $45.37, Research, Estimates) reported lower first-quarter results that missed expectations. Engine maker United Technologies (UTX: down $3.28 to $69.80, Research, Estimates) was dragged down too, even though it topped earnings forecasts, after Credit Suisse First Boston downgraded its shares to "hold" from "buy."

Shares of Intel (INTC: up $1.13 to $30.64, Research, Estimates) got a boost after the No. 1 semiconductor maker met first-quarter targets, reaffirmed revenue estimates for the current quarter, and said it expects to see improved gross margins over the course of the year. J.P. Morgan Chase (JPM: up $1.89 to $37.27, Research, Estimates) also traded higher after it reported a weaker profit that nonetheless topped expectations.

Countering gains on the Nasdaq, software maker Veritas Software (VRTS: down $5.90 to $30.96, Research, Estimates) was lower after it forecast weak-to-flat results in the second quarter. The company also reported better-than-expected first-quarter profit.

Cigarette and beer maker Philip Morris (MO: down $0.29 to $53.07, Research, Estimates), a Dow component, traded lower after it reported stronger earnings that topped estimates.

"There are a lot of positives -- Intel said some good things; Greenspan is saying that oil prices are a wild card, which we knew already, but that inflation is under control. But we're mixed, bouncing around today (Wednesday)," said Donald Selkin, director of equity research at Joseph Stevens. "You've got big names coming out in the next day and you need some of these giants to say tech is improving."