Stocks pull forward

   Stocks turned higher near midday Tuesday as investors shrugged off some early weakness following a mixed batch of quarterly results and attempted to revive the six-week market advance.

The Dow Jones industrial average (INDU) gained 30 points, or 0.4%, around 2 hours into the session. The S&P 500 (SPX) index gained 6 points, or 0.7%. The Nasdaq composite (COMP) gained 21 points, or 1.3%.

Stocks tumbled Monday, falling after a six-week run after Bank of America (BAC, Fortune 500) reported results that beat forecasts, but also warned about deteriorating credit quality. Despite better-than-expected results from JPMorgan Chase (JPM, Fortune 500), Goldman Sachs (GS, Fortune 500) and others, investors remain wary about bank results.

That wariness continued Tuesday, sending the KBW Bank (BKX) index down 3.5%.

Results: After the close Monday, IBM (IBM, Fortune 500) reported higher earnings that beat estimates on weaker revenue that missed estimates. The tech leader reiterated its goal of earnings of $9.20 per share in 2009 and said it is on track to meet its profit goal of $10 to $11 per share in 2010. Shares were little changed Tuesday. 

Also late Monday, Texas Instruments (TXN, Fortune 500) reported weaker quarterly sales and earnings that topped expectations. The chipmaker forecast first-quarter earnings per share above analysts' forecasts. Shares lost 2% Tuesday.

On Tuesday morning, Dow components Caterpillar (CAT, Fortune 500), Merck (MRK, Fortune 500), DuPont (DD, Fortune 500), Coca-Cola (KO, Fortune 500) and United Technologies (UTX, Fortune 500) all reported results.

Caterpillar reported its first quarterly loss since 1992, due to charges related to recession-tied layoffs. The heavy equipment maker also cut its full-year earnings and sales forecast, sending shares 3% lower in morning trading.

Merck reported weaker quarterly sales and earnings that missed analysts' forecasts, citing the global economic slowdown. The company also said its soon-to-be-completed purchase of Schering-Plough (SGP, Fortune 500) would help drive growth in the coming years. Merck shares fell 5.5%.

Separately, Schering-Plough reported higher-than-expected first-quarter earnings. 

DuPont reported weaker quarterly earnings that topped estimates on lower sales that missed forecasts. The chemical maker also cut its full-year 2009 earnings forecast and said it will take on most of its cost-cutting initiatives in the months ahead. Shares gained 3.5%.

Coca-Cola reported weaker quarterly earnings that met Wall Street's forecasts. The world's biggest soft-drink maker also reported lower quarterly revenue. Shares lost 3%.

United Technologies reported weaker quarterly earnings that met estimates on a drop in quarterly sales. However, the company said it expects to see profit growth in 2010, sending shares higher. Shares rose 4.5%.

Bonds: Treasury prices gained, lowering the yield on the benchmark 10-year note to 2.82% from 2.84% Monday. Treasury prices and yields move in opposite directions.