US stocks open higher on solid earnings reports

US stocks Tuesday opened higher following solid earnings reports from Dow members Johnson & Johnson and Coca-Cola.

Five minutes into trade, the Dow Jones Industrial Average advanced 24.62 (0.15 percent) to 16,197.86.

The broad-based S&P 500 added 3.15 (0.17 percent) at 1,833.76, while the tech-rich Nasdaq Composite Index put on 5.33 (0.13 percent) to 4,028.02.

Pharmaceutical giant Johnson & Johnson reported earnings of $1.54 a share, six cents above analyst forecasts. The company raised its full-year profit outlook by five cents to $5.80-$5.90. Shares increased 1.7 percent.

Meanwhile, Coca-Cola met earnings projections of 44 cents per share. The company said it achieved two percent global volume growth. Shares rose 2.5 percent.

In other news, the Commerce Department said the consumer price index rose 0.2 percent in March.