By Victor Reklaitis, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks moved higher Tuesday, helping to pare some of their losses for the month, as investors cheered earnings reports from Coca-Cola Co. and Johnson & Johnson.

Traders also took in an unexpected decline in the Empire State manufacturing index and reports of excess credit in China that weighed on stocks there.

The S&P 500(SPX) was last up 8 points, or 0.4%, to 1,838, with health care and utilities faring best among the index's 10 sectors. The benchmark remains down 1.8% this month.

The Dow Jones Industrial Average(DJI) rose 54 points, or 0.3%, to 16,227, while the Nasdaq Composite(RIXF) tacked on 15 points, or 0.4%, to 4,038.

On Monday, stocks ended with broad gains, as an unexpectedly strong rise in March retail sales and consensus-beating results from Citigroup Inc. (C) lifted the trading mood.

Dow component Coca-Cola Co. (KO) reported first-quarter revenue that beat forecasts, as well as adjusted earnings that matched expectations. Shares gained 2.9%.

Johnson & Johnson (JNJ) advanced 1.4% after the Dow component reported quarterly earnings that beat forecasts and raised its full-year profit guidance.

In U.S. economic news, the New York Federal Reserve said its Empire State manufacturing index slipped to 1.3 in April from 5.6 in March, missing forecasts for a gain to 8. In addition, the Labor Department said U.S. consumer prices rose 0.2%, slightly above what economists expected for that inflation gauge.

At 10 a.m. Eastern, an index of sentiment among home builders is expected to rise to 50 in April, from 47 in March.

Several Fed speakers were also o n the docket. Fed Chairwoman Janet Yellen said big banks may need more capital, while Philadelphia Fed President Charles Plosser is moderating a panel discussion at the Atlanta Fed conference at 3 p.m. Eastern.

Meanwhile, Boston Fed President Eric Rosengren is scheduled to speak at Husson University in Bangor, Maine, at 4 p.m. Eastern. Rosengren is a leading dove on the Fed policy committee, but not a voting member in 2014, and Minneapolis Fed President Narayana Kocherlakota, a voting member, is speaking at a town hall in Fargo, N.D., at 8 p.m. Eastern. Read: Spotlight on the economy

After the market's close, Intel Corp. (INTC) is forecast to post first-quarter earnings of 37 cents a share, and Yahoo Inc. (YHOO) is likely to report earnings of 37 cents a share in the first quarter. Read Commentary: Does anyone know what Yahoo wants to be?

"We expect Yahoo to report another muted quarter," analyst Youssef Squali at Cantor Fitzgerald said in a note. "While 2013 represented a year of right-sizing, investment and acquisition, we think 2014 should be the year where monetization efforts drive a resumption in top-line growth, starting with first quarter 2014."

Among other notable movers on Tuesday, Citigroup Inc. (C) advanced 0.9%, building on a gain from Monday, when the bank reported first-quarter results above Wall Street forecasts.

Charles Schwab Corp.(SCHW) rose 2% after posting quarterly profit that topped expectations before the open.

Shares of Motorola Solutions Inc. (MSI) tacked on 0.8% following the company's deal to sell its enterprise business to Zebra Technologies Corp. (ZBRA) for $3.45 billion in cash.

The iShares Nasdaq Biotech ETF(IBB), which has been a poster child for the recent tech-led selloff in U.S. stocks, was up 0.2% in recent trade.

In other financial markets, bourses closed mixed in Asia, with Hong Kong and Shanghai taking a hit from China's latest credit data. European stocks struggled for direction, as investors worried about the Ukraine crisis. Oil (CLK4) and metals(GCM4) declined, pushed lower by a stronger dollar.

More from MarketWatch:

Are stocks looking at another 'Seven Year Glitch' in 2014?

U.S. deficit to shrink more than seen in 2014: CBO

Citigroup's stock is cheap, but should you buy it?

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