The Dow Jones Industrial Average which had been down as much as 100 points at midday, rose 37 points or 0.2%, to 16,210 at last check. The index reached an intraday low of 16,063.20.
The S&P 500 rose 5.3 points, or 0.3%, to 1,836, with energy and utilities faring best among the index’s 10 sectors. It had reached an intraday low of 1,816.24 earlier. It is down 0.9% for the year.
The Nasdaq Composite fared worst among the main indexes, down 12 points, or 0.3%, to 4,010. Earlier, the Nasdaq fell to an intraday low of 3,946.03, about 12 points shy of being down 10% from its recent intraday high on March 6. The Nasdaq is down 4.4% for the year.
Dow component Johnson & Johnson gained Tuesday after its earnings report, providing a boost to the overall market.Stocks rose early on upbeat earnings reports from Coca-Cola Co. and Johnson & Johnson. Their big tumble came following reports that Russian forces had been spotted in the Ukraine and that Ukrainian forces stormed an airport in Kramatorskheld by pro-Russian militants. Ukrainian forces reportedly secured the airport. The White House said pro-Russian militants are provoking Ukrainian forces into a confrontation.
Equities pulled back from earlier session highs after a lower-than-anticipated reading for a gauge of home-builder confidence. Also weighing on sentiment was an unexpected decline in the Empire State manufacturing index.
Jim Kee, president and chief economist at South Texas Money Management, played down Tuesday’s economic data, saying reports overall support a general view that the U.S. economy will expand by 2.5% to 3% this year.“The broader data is consistent with the consensus,” he said.The market’s choppy action and slight year-to-date loss isn’t surprising after 2013’s big advance, said Kee, whose firm has $2.3 billion in assets under management. He said the firm has been telling clients to expect one or more pullbacks or corrections this year, but ultimately a gain by the end of the year.
Builder confidence in the market for newly built, single-family homes edged up slightly in April to a reading of 47 from 46 in March, but that missed forecasts for 50.
In other 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.
On the earnings front, Dow component Coca-Cola Co. reported growth in key emerging markets as first-quarter revenue beat forecasts. Shares gained 3.9% to lead the Dow.Johnson & Johnson advanced 1.7% after the Dow component reported quarterly earnings that beat forecasts and raised its full-year profit guidance. J&J was the second-best performer in the blue-chip index.
Several Fed speakers were also on 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.
After the market’s close, Intel Corp. is forecast to post first-quarter earnings of 37 cents a share, and Yahoo Inc. is likely to report earnings of 37 cents a share in the first quarter. Intel was last up less than 0.1%, while Yahoo declined 0.1%.
Yahoo will report another muted quarter,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 +1.36% advanced 1.1%, building on a gain from Monday, when the bank reported first-quarter results above Wall Street forecasts.
Charles Schwab Corp rose 2.6% after posting quarterly profit that topped expectations before the open.
Shares of Motorola Solutions Inc. dipped 1.2%, giving up an earlier gain that came following the company’s deal to sell its enterprise business to Zebra Technologies Corp. for $3.45 billion in cash. Zebra shares triggered a Nasdaq short-sale circuit breaker after falling more than 10%.
The iShares Nasdaq Biotech ETF , which has the leader in the recent tech-led selloff in U.S. stocks, was last down 0.7% in recent trade.
On Monday, stocks ended with broad gains, as an unexpectedly strong rise in March retail sales and consensus-beating results from Citi lifted the trading mood.