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NEW YORK (CNNMoney) -- U.S. stocks advanced 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 0.8%, while the Nasdaq rose 0.6%.
A big batch of better-than-expected earnings were driving the gains.
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, also sending shares higher. Mattel (MAT, Fortune 500) posted a profit that exceeded forecasts, as revenue rose for the first time since last year. UnitedHealth (UNH, Fortune 500) shares climbed after the insurance giant delivered robust third-quarter earnigns and raised its full-year outlook.
Intel (INTC, Fortune 500) and IBM (IBM, Fortune 500) shares were also higher, as the two will report after the close.
But stealing the spotlight on the corporate front was Citigroup's unexpected announcement. Citigroup said 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) rose 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).
Companies: Shares of Murphy Oil (MUR, Fortune 500) were sharply higher after the company said it split into two separate companies, separating its exploration and production operations from its retail business of selling gasoline.
CocoCola (KO, Fortune 500) shares were down slightly after the company missed revenue forecasts.
Fossil (FOSL) shares jumped after an analyst at Citigroup upgraded the stock to a buy rating with a $100 price target, up from netural.
Related: Betting on Brazil
World Markets: European stocks were higher in afternoon trading. Britain's FTSE 100 rose 1.2%, the DAX in Germany added 1.6% and France's CAC 40 jumped 1.8%.
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 rose 8 cents to $91.93 a barrel.
Gold futures for December delivery rose $9.50 to $1,747.10 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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