By Anora Mahmudova and Sara Sjolin, MarketWatch

Coach, Whirlpool slump after earnings miss

U.S. stocks ended Tuesday's choppy session mostly higher, with the S&P 500 and Nasdaq Composite closing near record levels reached last week.

However, disappointing earnings and weaker-than-expected economic data capped gains on the S&P 500 and Dow industrials, while Nasdaq finished slightly lower.

The S&P 500 (SPX) closed up 5.84 points, or 0.3%, at 2,114.76, with nine of its main sectors finishing higher. The Dow Jones Industrial Average (DJI), which had dropped by as much as 120 points in early trading in New York, finished with a gain of 72.17 points, or 0.4%, to 18,110.14.

Meanwhile, the tech-laden Nasdaq Composite (RIXF) ended the session 4.82 points, or 0.1%, lower at 5,055.42.

James Abate, chief investment officer at Centre Funds, was concerned about markets' march higher despite deteriorating fundamentals.

"Recent economic data indicate contraction and a slowdown in growth. Meanwhile, earnings outlook is for zero growth. It is possible that investors are treating this as 'bad news is good news' assuming the Fed will not raise rates at all, given the economy is not doing as well as they hoped it would," Abate said.

"Colin Cieszynski, chief market strategists at CMC Markets, earlier blamed worse-than-expected earnings from companies such as Ford and Whirlpool on selling pressure, when Dow dropped more than 100 points at session lows.

"It appears that consumers are not spending on big-ticket items, while confidence also dropped. In the next month or so, if we do not see improved economic numbers, markets might see a deeper correction, as a lot of investors had been expecting consumer spending to pick up," Cieszynski said.

The Federal Reserve Open Market Committee meeting kicked off on Tuesday, but the interest-rate statement isn't released until Wednesday afternoon at 2 p.m. Eastern Time. Investors will be looking for clues as to whether a near-term rate hike is still in play, although a large majority of Fed watchers don't think the central bank will provide any hints, preferring to keep all options on the table (http://www.marketwatch.com/story/fed-not-ready-to-concede-it-wont-hike-this-summer-2015-04-27).

For the discussion on Wednesday, the FOMC will have the first-quarter GDP number to include in their assessment of the economy and interest rates.

Also read: Lousy corporate revenues could keep the Fed on hold (http://www.marketwatch.com/story/lousy-corporate-revenues-could-keep-the-fed-on-hold-2015-04-27)

Tuesday's data:Consumers confidence (http://www.marketwatch.com/story/consumers-less-confident-in-april-after-slowdown-in-hiring-2015-04-28) fell in April, reflecting a slowdown in hiring and dimmer expectations about economic growth in the months ahead.

U.S. house prices (http://www.marketwatch.com/story/case-shiller-20-city-home-price-index-up-05-in-february-2015-04-28-99105) picked up in February, rising 0.5%, according to the S&P/Case-Shiller 20-city composite index released Tuesday. Compared with February 2014, prices for the 20-city index were up 5% -- the fastest growth in half a year.

Earnings:Twitter Inc. (TWTR) shares tanked 18% after the company's first-quarter results were leaked by data-mining platform Selerity (http://www.marketwatch.com/story/twitter-shares-fall-after-selerity-tweets-leaked-earnings-2015-04-28). Twitter's first-quarter profits were better than expected but its revenues missed analysts' estimates.

Reporting ahead of the bell, Ford Motor Co.(F) said profit was down 7% (http://www.marketwatch.com/story/ford-profit-down-7-on-losses-in-europe-latam-2015-04-28) in the first quarter as profitability in North America and Asia was offset by losses in Europe and South America. Shares closed 1%, however.

Drug maker Pfizer Inc.(PFE) reported a slight rise in first-quarter profit (http://www.marketwatch.com/story/pfizer-trims-outlook-on-strong-dollar-2015-04-28), but trimmed its full-year outlook. Shares fell 0.3%.

Another drug maker, Merck & Co. Inc. (MRK) jumped 5% after raising its earnings guidance for the full year (http://www.marketwatch.com/story/merck-raises-outlook-as-profit-sales-top-estimate-2015-04-28) despite the negative impact of the stronger dollar.

Shares of Coach Inc.(COH) slumped 6.3% after the luxury-goods retailer topped fiscal third-quarter profit expectations, but missed on sales (http://www.marketwatch.com/story/coachs-stock-drops-after-sales-fall-more-than-expected-2015-04-28).

Shares of Whirlpool Corp.(WHR) dropped 7.1% after the home-appliances maker cut its full-year earnings guidance (http://www.marketwatch.com/story/whirlpool-profit-falls-short-cuts-outlook-2015-04-28).

Apple earnings: After Monday's closing bell, tech giant Apple (AAPL) posted a 33% rise in quarterly profit (http://www.marketwatch.com/story/apple-posts-33-rise-in-earnings-raises-div-2015-04-27), boosted by a surge in iPhone sales and solid growth in China. Apple also raised its dividend, by 11%, and its share-repurchase program by $50 billion, to $140 billion. Shares, however, fell 1.6%. Read: How to play Apple stock after the earnings call (http://www.marketwatch.com/story/how-to-play-apple-stock-post-earnings-2015-04-27)

Morgan Stanley lifted its price target on Apple to $166 from $160 and said the company is among its "best idea" stocks.

Don't miss: Who else is miffed about Apple's 'very modest' watch launch? (http://www.marketwatch.com/story/who-else-is-miffed-about-apples-very-modest-watch-launch-2015-04-28)

Other markets:European stock markets (http://www.marketwatch.com/story/european-stocks-fall-as-commerzbank-shares-drop-fed-meeting-eyed-2015-04-28) closed lower.

Asia stocks closed mixed (http://www.marketwatch.com/storyno-meta-for-guid), with Japanese shares shrugging off a sovereign credit downgrade by Fitch Ratings.

Oil prices (http://www.marketwatch.com/story/oil-slides-with-brent-dropping-below-65-2015-04-28) pared much of the gains but settled above $57 a barrel. Gold futures (http://www.marketwatch.com/story/gold-consolidates-above-1200-as-dollar-softens-2015-04-28)finished at their highest level in about three weeks, gaining 0.9%, to $1,213.90. The dollar (DXY) was mostly lower against other major currencies.

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