Disney (2). 

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The Dow Jones Industrial Average rose to its highest level in nearly two weeks Wednesday, boosted by stronger-than-expected results at Walt Disney Co.

The Dow gained 54 points, or 0.3%, to 17720, on track for its highest close since Jan. 22. Walt Disney’s shares rallied 7.7% and contributed about 47 points to the Dow’s overall gain. The Dow is a price-weighted index which tends to be influenced by pricier components such as Disney.

Staples agreed to buy Office Depot for $6.3 billion, and U.S. stocks fell alongside oil prices. WSJ's Polya Lesova and Simon Constable discuss. Photo: Getty

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The S&P 500 fell three points, or 0.1%, to 2047, while the Nasdaq Composite Index added five points, or 0.1%, to 4732.

Traders said stock moves in recent weeks have been driven by bets on indexes rather than on individual stocks. That comes amid an increased focus on moves in oil prices and currencies, as well as political developments overseas, such as the new Greek government’s talks with its creditors, which are overshadowing fourth-quarter earnings, they said.

A report on private-sector employment came in weaker than expected on Wednesday. Above, leaflets at a veterans’ job fair in California in October.

“It seems like there’s an inordinate amount of uncertainty in the world,” said Michael Fredericks, portfolio manager of the BlackRock Multi-Asset Income Fund, which has $10.2 billion under management. “It’s hard to have a lot of conviction.”

Crude-oil futures tumbled 8.7% to $48.45 a barrel, snapping a four-session streak of gains. Energy stocks fell 1.8%, down the most on the S&P 500.

The euro fell slightly against the dollar, trading at $1.1418 versus $1.1480 on Tuesday. For the year, the euro has declined 5.6% against the dollar.

Several companies have noted the broad strength in the U.S. dollar as they report earnings. On Wednesday, Merck & Co. said its sales fell in the fourth quarter, pressured by a stronger U.S. dollar and patent expirations. Shares slipped 2.9%.

Justin Wiggs, a trader at Stifel Nicolaus, noted that companies blamed the weather for weak earnings during 2013’s fourth quarter. After the early-year pullback in 2014, stocks continued to grind higher. “This year, we’re explaining them away with currency moves,” he said, referring to weak earnings. “The excuse is different, but is it the same game?”

Investors continued to watch international developments, especially in Greece. Greece’s new leaders are trying to reach an agreement about the country’s hefty debt pile. European stocks rose, with France’s CAC 40 up 0.4% and Germany’s DAX 30 gaining 0.2%.

“We’re in a period where the market is really thrashing around,” said Jeff Morris, head of U.S. equities at Standard Life Investments. “It has to do a balancing act between those portions of the U.S. economy showing genuine strength and recovery and international influences,” such as global growth concerns, he added.

Back in the U.S., consumer discretionary stocks rose the most on the S&P 500, up 0.9%.

Mr. Fredericks of BlackRock said he’s attracted to sectors of the stock market that could benefit from increased consumer spending, such as some retailers and auto companies. But overall, he said he has reduced stock exposure in his fund this year amid increased international headwinds, high U.S. valuations and a slowdown in earnings growth.

General Motors, Staples, Walt Disney and Merck are among stocks to watch. WSJ's Polya Lesova and Simon Constable discuss. Photo: AP

Among individual stocks, car maker General Motors Co. said fourth-quarter profit surged 91%, beating analyst expectations. The company said it plans to boost its dividend starting in the second quarter. Shares rose 5.6%.

. The two companies have roughly 4,000 stores and they projected annual sales of more than $39 billion. Shares of Staples fell 12%, while those of Office Depot added 0.5%.

In economic news, private payrolls increased by 213,000 in January, according to a report compiled by payroll processor Automatic Data Processing Inc. and forecasting firm Moody’s Analytics. Economists surveyed by The Wall Street Journal had expected payrolls to increase by 240,000.

Still, the overall employment trend remains positive, investors said.

“The economy is expanding, the private sector is adding jobs, and that’s good news” for stocks, said Matthew Kaufler, who oversees about $2 billion as a portfolio manager at Federated Investors. “With the economy on firmer footing, inflation expectations subdued, corporations returning capital aggressively to shareholders, those all point to an attractive environment for equities,” he added.

The ADP report is often viewed as an indicator for Friday’s closely watched jobs report, which is expected to show the economy added 237,000 jobs in January, according to economists surveyed by The Wall Street Journal.

In other markets, gold futures rose 0.3% to $1263.80 an ounce.

The yield on the 10-year note was little changed at 1.788% from 1.781% on Tuesday. Yields rise as prices fall.

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