Wall Street bounces back with gold, earnings and data help

Traders work on the floor at the New York Stock Exchange

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By Caroline Valetkevitch (Reuters)| Tue Apr 16, 2013 3:15pm EDT

NEW YORK - Stocks advanced on Tuesday, a day after their worst decline since November, as gold prices rebounded and earnings from Coca-Cola and Johnson & Johnson improved the outlook for first-quarter results.

Inflation data, which reinforced expectations that the Federal Reserve will keep its stimulus in place, added to bullish sentiment.

The price of gold jumped after its record daily drop in dollar terms on Monday. U.S.-listed shares of Randgold Resources (RRS.L)(GOLD.O) climbed 1.8 percent to $70.29. The S&P 500 materials index .SPLRCMA rose 1.5 percent, leading the index higher.

The market's advance followed the S&P 500's drop of more than 2 percent drop on Monday, giving the index its worst one-day percentage loss since November 7. The index is up 10 percent since the start of the year after enjoying a strong first-quarter run.

"It's a relief rally, and investors ... are looking, as they have after any pullback we've had in the past several months, to take advantage of it and buy," said Alan Lancz, president of Alan B. Lancz & Associates Inc., an investment advisory firm based in Toledo, Ohio.

(Additional reporting by Rodrigo Campos Editing by Kenneth Barry, Nick Zieminski and Jan Paschal)

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