Wall St rises on energy but some earnings weigh

NEW YORK (Reuters) - U.S. stocks rose on Tuesday as energy shares advanced on higher oil prices and bellwether companies reported quarterly results, although some fell short of heightened expectations.

Goldman Sachs posted quarterly earnings that surged past expectations, but its stock slipped 1.3 percent to $161.27 after British regulators launched a probe into alleged fraud by the company. The move follows similar charges in the United States.

More than three stocks rose for every one that fell on the New York Stock Exchange, while on the Nasdaq, two stocks rose for every decliner. But some big names that reported results were not among the day's gainers.

Coca-Cola reported mixed results, Johnson & Johnson topped quarterly forecasts but trimmed its full-year profit forecast and UnitedHealth Group soared past estimates.

"The market is becoming more selective, and having earnings that meet expectations is no longer enough," said Alan Gayle, senior investment strategist at RidgeWorth Investments in Richmond, Virginia.

"It's no surprise that companies that guide down in their earnings or falter on revenue are getting punished."

Johnson & Johnson fell 0.3 percent to $65.83 and UnitedHealth slid 0.7 percent to $31.

The Dow Jones industrial average <.DJI> was up 24.94 points, or 0.22 percent, at 11,116.99. The Standard & Poor's 500 Index <.SPX> was up 7.43 points, or 0.62 percent, at 1,204.95. The Nasdaq Composite Index <.IXIC> was up 12.28 points, or 0.50 percent, at 2,492.39.

Tech company IBM late Monday posted better-than-expected profits but disappointing gross margins. The stock shed 2 percent to $129.55 and was the top weight on the Dow, followed by Coke, which fell 1.5 percent to $54.48.

The price of oil rebounded from three-week lows as European airports reopened and as U.S. earnings were viewed as signs of economic recovery leading to increased energy demand.

European planes began flying again after five days of airport closures due to the massive ash cloud originating in an Icelandic volcano.

Apple Inc and Yahoo Inc are both due to report results after the market's close on Tuesday. Apple shares were down 0.5 percent to $245.84 and Yahoo slid 0.2 percent to $18.35.

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