NEW YORK (CNNMoney) -- U.S. stocks opened higher Tuesday, as investors welcomed a batch of strong corporate earnings and digested the latest inflation data.
The Dow Jones industrial average and the S&P 500 rose about 0.5%, while the Nasdaq gained 0.3%.
Goldman Sachs (GS, Fortune 500) posted profit and revenue for the third quarter that topped expectations. Shares of the investment bank rose slightly following the news.
Johnson & Johnson (JNJ, Fortune 500) logged quarterly earnings that beat analysts' expectations, sending shares higher. Meanwhile Coca-Cola (KO, Fortune 500) reported earnings per share that were in line with expectations, but revenue was slightly lower than anticipated.
Intel (INTC, Fortune 500) and IBM (IBM, Fortune 500) will report after the close. Overall, companies in the S&P 500 are expected to report third-quarter earnings that are down 0.7% from last year, according to S&P Capital IQ.
Also on the corporate front, Citigroup announced Tuesday morning that CEO Vikram Pandit is stepping down. Michael Corbat, who previously served as Citi's CEO of Europe, Middle East and Africa, was named as his replacement. Citigroup's President and COO John Havens also resigned. Shares of Citigroup (C, Fortune 500) edged lower following the surprising shakeup at the top.
Fear & Greed Index
Meanwhile, the September reading of the Consumer Price Index, the government's key metric for inflation, rose 0.6%. That's higher than the 0.5% increase that economists polled by Briefing.com had been expecting. Compared to a year earlier, prices have risen 2%. Based on this data, the Social Security Administration announced that Social Security recipients will receive a 1.7% cost-of-living increase in 2013.
Industrial production rose 0.4% in September, according to the Federal Reserve. The reading was better than analysts were expecting.
U.S. stocks ended higher Monday, as investors welcomed a sharp rise in retail sales and better-than-expected quarterly earnings from Citigroup (C, Fortune 500).
Related: Betting on Brazil
World Markets: European stocks were higher in afternoon trading. Britain's FTSE 100 rose 0.9%, the DAX in Germany added 1.3% and France's CAC 40 jumped 1.2%.
Asian markets ended mostly higher. The Shanghai Composite finished flat, the Hang Seng in Hong Kong ticked up 0.3%, and Japan's Nikkei climbed 1.4%.
Currencies and commodities: The dollar slipped against the euro and the British pound, but gained versus the Japanese yen.
Oil for November delivery fell 18 cents to $91.67 a barrel.
Gold futures for December delivery rose $4.50 to $1,742.10 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.71% from 1.66% late Monday.
First Published: October 16, 2012: 9:42 AM ET
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