Updated from 4:02 p.m. ESTStocks posted their first back-to-back winning sessions of the new year Tuesday as investors celebrated solid earnings in the banking and pharmaceutical sectors and a reversal in oil prices. The Dow Jones Industrial Average rose 70.79 points, or 0.67%, to 10,628.79; the S&P 500 gained 11.46 points, or 0.97%, to 1195.98; and the Nasdaq rose 18.13 points, or 0.87%, to 2106.04. The tech index closed above 2100 for the first time since Jan. 4. The performance was all the more impressive because all the major indices posted their best single-day point gains of the year, despite opening lower. Volume on the NYSE was 1.60 billion shares, with advancers beating decliners by a ratio of 2 to 1. Volume on the Nasdaq was 1.98 billion shares, with advancers outpacing decliners by about the same ratio. "This week is the pivotal week where we can shift focus to earnings," said Art Hogan, chief market analyst with Jefferies. "If the price of oil can stay out of the equation and the focus stays on earnings, we'll be better off. Across the board we're seeing better-than-expected numbers. There's more good news than bad news out there." For the year, the major indices still are showing significant losses. The Dow has lost 1.43%, the S&P 500 is down 1.63% and the Nasdaq has dropped 3.60%. In other markets, the 10-year Treasury note was up 5/32 in price to yield 4.19%, while the dollar was higher against the euro and flat with the yen. Oil eased from earlier levels above $49 a barrel. The February crude contract closed unchanged at $48.38 a barrel. A cold snap in the East was the latest catalyst driving oil prices higher earlier in the session. Oil surged almost 7% last week, raising concerns about a return to $50 a barrel and an adverse effect on spending patterns. "I think we're reaching the midpoint of the heating oil season," said Robert Pavlik, a portfolio manager at Oaktree Asset Management. "We're nearing the top of the cycle of demand, and that might be driving oil. There's always talk about what OPEC might say and abide by." In economic news, the New York Federal Reserve Bank said its Empire State manufacturing index fell to 20.1 in January from 27.1 in December, lower than the expected reading of 25.3. The employment index also fell, down to 12.7 in January from 15.7 in December. Earnings season began in earnest Tuesday, kicked off by Bank of America ( BAC), which said fourth-quarter earnings rose 41% to $3.85 billion, or 94 cents a share. The profit included a restructuring charge of 4 cents a share. Revenue rose 42% to $13.71 billion. Both numbers were slightly above analysts' forecasts. Bank of America shares rose 84 cents, or 1.9%, to $45.73.