US open: Stocks buoyed by better than expected earnings

US stocks rose on Tuesday, as companies reported better-than-expected earnings ahead of the Federal Reserve meeting.

At 10:00 in New York, the Dow Jones Industrial Average was 58.26 points up at 16,876.20, while the S&P 500 rose 9.35 to 1,970.98 and the Nasdaq advanced 27.95 points to 4,073.97.

According to data released on Tuesday, US consumer confidence rose to 94.5 in October, up from 89 in September and topping estimates that had forecast an 87.3 reading.

Home-price growth declined in August, as the S&P/Case-Shiller 20-City Home Price Index fell 0.15%, against expectations of a 0.2% increase.

The reading marked the fourth consecutive monthly decline and left the index up 5.6% year-on-year as 12 of the 20 metropolitan statistical areas reported a decrease during the period. The slowdown in the pace of home price appreciation comes after prices rose consistently for much of the previous two years.

Meanwhile, durable goods orders fell 1.3% in September, below consensus expectations of a 0.5% increase. Excluding transportation, orders were also weaker-than-expected, declining 0.2% against a predicted 0.8% increase, while core capital goods orders fell 1.7% in September and August figures were revised downward from 0.6% to 0.3%.

In corporate news, Amgen rose sharply after announcing it will buy back more shares and raise its dividend, while Parker Hannifin soared after lifting its guidance for 2015.

Aetna and Coach both rose, the former after raising its earnings outlook for the business, the latter after it announcing sales exceeded estimates.

Kohl's shares dropped after the retailer said its annual profit will be at the lower end of its forecasts, while rail and airlines stocks gained ground.

The dollar was in retreat against the pound and the euro, but rose marginally against the yen.

Gold futures advanced slightly to $1,231.00, while West Texas intermediate and Brent crude continued to fall, trading at just under $81 a barrel and just over $85 a barrel respectively.

The yield on the 10-year US Treasury note rose two basis points to 2.28, while the yield on the 30-year note gained the same margin to 3.06 and the yield on the five-year Treasuries advanced by one basis point to 1.50.