U.S. stocks advanced amid better-than- forecast earnings from companies ranging from 3M Co. to Coach Inc., while energy shares rebounded with oil following a selloff sparked by sliding crude prices on Monday.

Proctor & Gamble Co. and 3M rose at least 2.9 percent after their quarterly profits beat analysts’ estimates. Sprint Corp. surged 13 percent after posting a smaller-than-estimated loss and gaining subscribers for a fifth straight quarter. Coach Inc. climbed 9.4 percent after raising its full-year earnings outlook. Chevron Corp. and Transocean Ltd. gained more than 3.4 percent.

The Standard & Poor’s 500 Index added 1.2 percent to 1,899.42 at 10:37 a.m. in New York, after falling 1.6 percent yesterday amid the energy group’s worst one-day drop since August. The Dow Jones Industrial Average gained 244.76 points, or 1.5 percent, to 16,129.98. The Nasdaq Composite Index increased 0.7 percent. West Texas Intermediate crude futures rose 3.1 percent after a 5.8 percent drop yesterday.

“We’re starting to get earnings that aren’t disastrous, so concern that what was going on overseas would roll into U.S. earnings is waning,” said Bill Schultz, who oversees $1.2 billion as chief investment officer at McQueen, Ball & Associates Inc. in Bethlehem, Pennsylvania. “We’re seeing oil put in a bottom here, which helps. The Fed is probably on hold for a while. All of those things are contributing to a slowdown in the outright selling that’s taken place this year.”

Today’s rally provided a reprieve for the S&P 500, which remains on track for its worst January since 2009 as a plunge in oil prices exacerbated worries that China’s slowdown will weigh on global growth. Better-than-forecast earnings reports and economic data today helped soothed some of those concerns, while Federal Reserve officials gather in Washington for a two-day policy meeting.

A report today showed home prices in 20 U.S. cities rose at a faster pace in the year ended November, underscoring the shortage of supply amid steady demand. Separate data showed consumer confidence improved in January to a three-month high as Americans grew more upbeat about the prospects for the economy, labor market and their incomes.

The S&P 500 has lost 8.5 percent since the Fed raised borrowing costs last month for the first time in nearly a decade. The probability of a rate increase this week has stayed low after the December liftoff, and chances the Fed will raise in March have fallen to lower than one-in-four from even odds at the start of the year.

Traders are also watching corporate earnings results for a read on the strength of the economy. Of those that have already posted results, 80 percent beat earnings projections while 50 percent exceeded sales forecasts. Apple Inc. releases results after markets close today. Analysts estimate profit at firms in the index fell 6.3 percent in the fourth quarter, better than predictions a week earlier calling for a 7 percent slump.

“I think the strong housing numbers are showing that the United States, while not an island, is fairly well insulated from any slowdown in China,” said Brian Jacobsen, chief portfolio strategist at Wells Fargo Advantage Funds, by phone from Menomonee Falls, Wisconsin. “If we can see the good earnings continue and numbers that beat expectations and more importantly, constructive guidance, that could help us maintain some independence from the Chinese market.”

With assistance from Trista Kelley.