Consumer goods companies lead modest rebound in US stocks

U.S. stock indexes turned modestly higher in early afternoon trading Tuesday as solid earnings from Walmart encouraged investors to bid up other retailers and consumer goods companies.

Homebuilders also contributed to the gains following an industry survey showing improved confidence heading into the key spring homebuying season.

Stocks spent much of the morning wavering between small gains and losses as U.S. markets reopened following the Presidents Day holiday.

Traders weighed the latest batch of earnings reports from companies, including Walmart, which climbed after its earnings topped Wall Street's expectations. Oil and gas rig operator Transocean fell after its quarterly results fell short of analysts' forecasts.