By Dan Strumpf 

U.S. stocks were mostly higher Tuesday, as oil prices rose and investors eyed first-quarter earnings reports from J.P. Morgan Chase & Co. and others.

The Dow Jones Industrial Average rose 80 points, or 0.5%, to 18059 in afternoon trade. The S&P 500 gained five points, or 0.2%, to 2097. The Nasdaq Composite Index slipped 10 points, or 0.2%, to 4978.

Energy stocks led the broader market, with Chevron Corp. posting the biggest gains among Dow components. Blue chips were also buoyed by better results from J.P. Morgan, whose shares rose 1.9%.

Trading activity remained subdued, however, as investors look to additional quarterly reports in the weeks ahead. This week brings a flurry of results from the financial sector. Broadly, money managers are bracing for a weak earnings period, with companies pinched by the stronger dollar and lower oil prices.

"We've really seen client activity in the U.S. drop off sharply as clients wait for more clarity on earnings guidance and on Fed policy," said Joe Spinelli, head of single stock trading for the Americas at Deutsche Bank.

J.P. Morgan said its first-quarter profit rose 12%, boosted by strong results in its trading business. Gains in the stock contributed about 10 points to the Dow.

But Wells Fargo & Co. posted a rare quarterly earnings decline as the bank faced pressure on its lending margins. Shares fell 1%.

Johnson & Johnson said first-quarter profit fell 8.6%, and it reduced its 2015 per-share earnings outlook amid increased pressure from a strong U.S. dollar and weaker sales of hepatitis C drug Olysio. But results exceeded expectations, and shares rose 0.1%.

S&P 500 companies are expected to post a 4.9% fall in first-quarter earnings from a year ago, according to FactSet.

"There's a little bit of caution around some pockets of the market," said Brian Fenske, head of sales trading at ITG. "In the past few days, we've observed a general de-risking into earnings season."

Energy stocks were lifted by a rally in the oil market. Crude-oil futures gained 2.7% to $53.29 a barrel.

Stocks fell Monday in the second-slowest trading day of the year. The Dow slipped 0.4% to 17977.04 and the S&P lost 0.5% to 2092.43. The Nasdaq fell 0.15% to 4988.25.

"You really can't ignore the impact of the significantly stronger dollar on earnings, especially for multinationals," said Monica DiCenso, U.S. head of equity strategy at J.P. Morgan Private Bank.

Ms. DiCenso said she recently cut earnings expectations for the year, now expecting 4% to 5% earnings growth for the S&P 500.

Among other individual stocks, shares of Fastenal Co. gained 3.1% after the nuts and bolts maker said earnings rose 14% in the quarter ended in March.

Shares of Avon Products Inc. soared 13% after The Wall Street Journal reported the company was exploring strategic alternatives, including a possible sale.

In economic news, U.S. retail sales rose 0.9% in March to $441.4 billion, the Commerce Department said Tuesday. That was the biggest monthly gain in a year, but was weaker than the 1.1% increase expected by economists.

A gauge of U.S. business prices rose in March for the first time since October. The Labor Department said Tuesday the producer-price index gained 0.2% in March from February, in line with expectations.

European stocks were mostly lower. France's CAC 40 fell 0.7% and Germany's DAX declined 0.9%.

In commodity markets, gold futures declined 0.5% to $1192.80 an ounce.

The yield on the 10-year Treasury note fell to 1.866% from 1.938% on Monday. Yields fall as prices rise.

Write to Dan Strumpf at daniel.strumpf@wsj.com

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