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NEW YORK (CNNMoney)
The Dow Jones industrial average rose 0.9%, the S&P 500 gained 0.8% and the tech-heavy Nasdaq gained climbed 1%.
Shares of heavily shorted Netflix (NFLX) surged 23% Tuesday, after the streaming video service reported strong subscriber gains on Monday.
Travelers Companies (TRV, Fortune 500) helped lift the Dow, with shares climbing more than 2% after the insurer reported a rise in profits.
Shares of Coach (COH) jumped 11% after the upscale retailer posted better-than-expected sales and earnings.
Airlines have been on the news this week due to concerns about flight delays at airports resulting from the federal government's forced budget cuts. But Delta Air Lines Inc (DAL, Fortune 500) and US Airways (LCC, Fortune 500) shares rose more than 3% after both airlines reported first-quarter profits.
Apple's day of reckoning is here: Apple (AAPL, Fortune 500) headlines the list of companies reporting after the close, and it will be looking to reverse a slide that has dropped its stock roughly 45% since September.
Deutsche Bank analyst Jim Reid said in a report that expectations for Apple are relatively low and that tech results overall have been disappointing this earnings season.
AT&T (T, Fortune 500) is also set to report in the afternoon, and analysts will be keeping an eye on iPhone sales. Last week, Verizon (VZ, Fortune 500) reported that iPhone sales dropped 33% in the first quarter from the fourth quarter of 2012.
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Eyes on the economy: The Census Bureau said new-home sales rose 1.5% in March to an annual rate of 417,000, just above economists' forecasts.
Weak data on manufacturing in China weighed on shares in Shanghai. The Hang Seng declined 1.1%. The Shanghai Composite was hardest hit by the factory report, falling 2.6%. Japan's Nikkei lost 0.3%.
European markets were higher in midday trading, recovering from an earlier slump. Germany's DAX, London's FTSE 100 and France's CAC 40 were all solidly higher despite a report showing that private sector output in Germany fell for the first time since November. Caxton FX analyst Richard Driver said the picture in Germany "look very bleak indeed."
The dollar rose against the euro, the British pound and the Japanese yen.
Oil and gold prices were slightly lower.
The price on the 10-year Treasury edged up, pushing the yield down to 1.67% from 1.69% late Monday. 
First Published: April 23, 2013: 9:49 AM ET
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