Tuesday's early afternoon trade: Wall Street rises

US stocks rose on Tuesday as bank earnings, though unspectacular, were strong enough to reassure investors about the sector and overshadow debt worries and signs of slowing growth elsewhere in the globe. The three major indexes spent the early part of the session in negative territory before banks led the way higher. The KBW bank index advanced nearly 3.7 percent.
Bank of America Corp jumped 6.3 percent to $6.41 after it reported a third-quarter profit boosted by accounting gains and asset sales. Goldman Sachs Group Inc added 2.4 percent to $99.22 after reporting a rare loss but said it was moving to cut costs, including employee pay.
State Street Corp climbed 6.5 percent to $36.06 after its net income rose, lifted by tax benefits and double-digit gains from servicing and investment management fees. The Dow Jones industrial average gained 88.29 points, or 0.77 percent, to 11,485.29. The Standard & Poor's 500 Index gained 12.92 points, or 1.08 percent, to 1,213.78. The Nasdaq Composite Index gained 18.26 points, or 0.70 percent, to 2,633.18. But International Business Machines Corp fell 5.3 percent to $177.77 after Big Blue's earnings beat failed to stem worries about a slowdown in technology spending.