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NEW YORK — Wall Street managed a modest advance Wednesday, rising for a fourth time in five days as investors weighed a mixed economic assessment from the Federal Reserve against disappointing earnings from Eli Lilly. 

Analysts were expecting some declines on profit-taking following two weeks of strong gains. But many investors remain optimistic that the market could sustain a real upward trend, since earnings news have largely been stronger than expected, they said. 

“The market is really just digesting the huge bounce we have had,” said Todd Clark, head of listed equity trading at Wells Fargo Securities. “We had a little bit of an excuse for profit-taking, among them were Eli Lilly’s guidance. But it really just appears to be healthy consolidation.” 

The Dow Jones industrial average rose 44.11, or 0.5 percent, to close at 8,494.27, having dropped 88 points Tuesday. Earlier in the day, blue-chip stocks fell as much as 155 points before recovering their losses. 

The broader market also finished higher. The Nasdaq composite index rose 27.43, or 2.1 percent, to 1,320.23, after declining as much as 13 points.