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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