By Anora Mahmudova and Sara Sjolin, MarketWatch

Delta soars on earnings beat

U.S. stocks moved higher on Wednesday, as better-than-expected earnings from companies such as Intel Corp. and Delta Inc. lifted the main benchmarks.

Investors appeared to have brushed off weaker-than-expected manufacturing data released ahead of the opening bell.

The Empire State manufacturing index plunged, falling to a negative reading, while, industrial production fell by more than expected in March. Both reports suggested a deceleration in economic growth.

The S&P 500 (SPX) added 10 points, or 0.5%, to 2,105 and was about 10 points away from the record level reached in March.

The Dow Jones Industrial Average (DJI) added as much as 100 points, but since then eased to trade 94 points, or 0.5%, higher at 18,132.16.

The Nasdaq Composite (RIXF) gained 18 points, or 0.4%, to 4,995.

James Abate, chief investment officer at Centre Funds, with over $1 billion in assets under management, said companies so far are beating or meeting lowered expectations, driving bullish sentiment.

"The main reason equity markets are inching higher in an environment where the economic growth is decelerating and earnings falling, is because of monetary policy of abundant liquidity from the ECB, Bank of Japan and even the Federal Reserve," Abate said.

"So far in the earnings season, 35 of 37 companies on the S&P 500 either beat or met expectations that were lowered down. Companies have become very adept at boosting their earnings per share by cutting cost, managing taxes and share buybacks," Abate said.

Abate cautioned that such profit growth is unsustainable and markets are highly vulnerable to a correction given high valuations.

Wednesday's earnings: The results season continued at full speed, with another major bank delivering ahead of the bell. Bank of America Corp.(BAC) said it swung to a profit in the first quarter (http://www.marketwatch.com/story/bank-of-america-swings-to-quarterly-profit-2015-04-15-748540) as it started to recover from its large legal losses in prior years. Earnings, however, missed analyst forecasts. Shares were down 0.6%.

Delta Air Lines Inc. (DAL) posted first-quarter profits that were better than analysts' estimates (http://www.marketwatch.com/story/delta-shares-up-as-profit-beats-to-cut-capacity-to-combat-dollar-strength-2015-04-15). Although the strong dollar is creating headwinds, the airline said the strengthening buck contributes to a lower fuel bill. Shares jumped 4.2%.

Late Tuesday, Intel Corp.(INTC) reported a 3% rise in first-quarter earnings (http://www.marketwatch.com/story/intel-reports-3-rise-in-earnings-2015-04-14-164851539), in line with analyst expectations. Shares were up 3.1% ahead of the bell. RBC Capital Markets lifted the company to outperform from sector perform and raised its target price to $40 from $38.

U.S.-listed shares of Nokia Oyj(NOK) fell 1.6% after the telecom-equipment maker said it'll buy (http://www.marketwatch.com/story/nokia-agrees-to-buy-alcatel-lucent-in-166-billion-deal-2015-04-15) French rival Alcatel-Lucent (ALU) for $16.6 billion. Alcatel's U.S. listing tanked 17%.

Read: 'Highly risky' and 'trophy assets' -- analysts rain on Nokia-Alcatel's merger parade (http://www.marketwatch.com/story/highly-risky-and-trophy-assets-analysts-rain-on-nokia-alcatels-merger-parade-2015-04-15)

Shares of Google Inc.(GOOGL) lost 1.1% after Europe's antitrust regulator filed formal charges (http://www.marketwatch.com/story/eu-to-file-antitrust-charges-against-google-2015-04-14-151034121) against the online-search company.

For more on today's notable movers, read our Movers & Shakers column ().

Data:The Empire State manufacturing index (http://www.marketwatch.com/story/empire-state-index-drops-to-negative-12-in-april-lowest-since-december-2015-04-15)moved sharply lower in April, falling to negative 1.2 from 6.9 in March, the New York Fed said Wednesday.

Industrial production (http://www.marketwatch.com/story/industrial-production-slumps-06-in-march-2015-04-15) fell a seasonally adjusted 0.6% in March, the Federal Reserve said Wednesday. The drop, the biggest since August 2012, was slightly larger than expected.

A gauge of confidence among homebuilders (http://www.marketwatch.com/story/homebuilder-confidence-increases-in-april-nahb-2015-04-15)rose in April, according to the National Association of Home Builders/Wells Fargo housing-market index released Wednesday.

Other markets: Chinese stocks slumped after data showed the country's gross domestic product rose 7% in the first quarter (http://www.marketwatch.com/story/china-data-what-the-experts-are-saying-2015-04-15), confirming economic expansion is slowing down.

Meanwhile, the European Central Bank, as expected, left rates unchanged Wednesday (http://www.marketwatch.com/story/ecb-leaves-rates-unchanged-draghi-to-detail-qe-progress-2015-04-15). ECB President Mario Draghi said its asset-purchase program is proceeding 'smoothly' (http://www.marketwatch.com/story/draghi-mocks-speculation-about-possible-early-exit-from-ecb-qe-program-2015-04-15) during the press conference.

Crude oil (CLK5) held on to gains (http://www.marketwatch.com/storyno-meta-for-guid) after the International Energy Agency said global oil demand will grow more than previously expected (http://www.marketwatch.com/story/iea-sees-acceleration-in-oil-demand-growth-in-2015-2015-04-15) in 2015. Most metals dropped, while the dollar moved higher (http://www.marketwatch.com/storyno-meta-for-guid) against most major currencies.

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