The Dow Jones industrial average was up 0.2% to 16,281 and the Standard & Poor's 500 index gained 0.3% to 1,824. The Nasdaq composite index jumped 0.4% to 4,131.
JPMorgan Chase, the biggest U.S. bank by assets, said Tuesday that its profit fell 7% in the fourth quarter, hampered by more legal woes and a decline in the bank's investment banking business. Shares were flat at $57.70.
Wells Fargo says its fourth-quarter profit rose 10% as increased interest income helped offset a steep drop in mortgage lending. Its stock was down 1.2% to $45.00.
Americans spent more on clothing and online in December. But they cut back almost everywhere else to end the holiday shopping season on a lackluster note. Retail sales rose 0.2% last month, the Commerce Department said Tuesday.
On Monday, the Dow fell 1.1% to 16,257.94. The Nasdaq composite dropped 1.5% to 4,113.30. The S&P 500 dropped 1.3% to 1,819.20.
MARKETS: Stocks, no longer cheap, hit the skids
Markets overseas took a hit after Monday's sell-off on Wall Street with Japan's benchmark index falling sharply.
Japanese stocks resumed trading after a holiday Monday, with the Nikkei 225 plunging 490 points, or 3.1%, to 15,422.40. Hong Kong's Hang Seng index fell 0.4% to 22,791.28.
"Equity markets and risk assets in general are having a decidedly shaky start to the year," Mitul Kotecha, head of global markets research for Asia at Credit Agricole CIB, said in an email.
In Europe, Britain's FTSE 100 index was down 0.1% to 6,752. Germany's DAX index fell 0.3% to 9,480 and France's CAC 40 index dropped 0.5% to 4.243.
In energy markets, benchmark crude for February delivery was up 75 cents to $92.55 in electronic trading on the New York Mercantile Exchange. The contract fell 92 cents to close at $91.80 on Monday.
Contributing: Associated Press
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