Stronger than expected earnings from two giant consumer products companies, Coca-Cola (KO) and Johnson & Johnson (JNJ), lifted the Dow to modest gains during a volatile trading session Tuesday.
The Dow Industrials (^DJI) gained 89 points, the S&P 500 (^GPSC) rose 12 points, and the Nasdaq (^IXIC) added 11 points.
Shares of Coke jumped nearly 4 percent. Global soda sales fell for the first time in a decade, but that was more than offset by strong sales on non-carbonated drinks. The U.S. market now accounts for less than 20 percent of total sales.
Johnson & Johnson gained 2 percent. Its net topped expectations and the company raised its outlook for the year.
The Nasdaq went on a wild ride Tuesday. It had been down nearly 2 percent before turning around in the afternoon. Electric carmaker Tesla (TSLA) fell 2 percent. It's now trading below $200 a share, down from $265 in late February. That's a drop of 27 percent in just seven weeks.
Among Internet and social media leaders: Netflix (NFLX) lost 1.5 percent. It's now lost 28 percent of its value since peaking in early March. Facebook (FB), Amazon (AMZN) and Google (GOOG) all edged higher. But Twitter (TWTR) jumped 11 percent and TripAdvisor (TRIP) rose more than 4 percent. Apple (AAPL) continues to lose ground, falling nearly 1 percent.
%VIRTUAL-article-sponsoredlinks%Biotechs had a relatively healthy day. Amgen (AMGN) added 1.5 percent and Repligen (RGEN) rose 5 percent, but Isis Pharmaceutical (ISIS) fell 1 percent.
Earnings will be a major driver of the market for the next few weeks.
Pep Boys (PBY) fell 15 percent as its loss widened. But Schwab (SCHW) gained 3 percent as its net topped expectations. Elsewhere, Zebra Technologies (ZBRA) fell 10 percent after it agreed to pay $3.5 billion for a unit of Motorola Solutions. Best Buy (BBY) lost nearly 3 percent as a key executive retired.
And casino operators are on a bad roll. Wynn Resorts (WYNN) fell 3.5 percent and Las Vegas Sands (LVS) lost 2 percent.
What to Watch Wednesday:
The Mortgage Bankers Association releases weekly mortgage applications at 7 a.m. Eastern time.
The Commerce Department reports housing starts for March at 8:30 a.m.
The Federal Reserve reports industrial production for March at 9:15 a.m.
The Federal Reserve releases its survey of regional economic conditions, known as the Beige Book, at 2 p.m.
These major companies are scheduled to release quarterly financial statements:
Bank of America (BAC)
Capital One Financial (COF)
PNC Financial Services (PNC)
US Bancorp (USB)
-Produced by Drew Trachtenberg.