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NEW YORK, Oct 16 (Reuters) - U.S. stocks rose on Tuesday, giving the S&P 500 its best two-day advance in a month as strong earnings from Johnson & Johnson, Goldman Sachs and other bellwether companies raised hopes for the rest of the U.S. reporting season.

Overall S&P 500 companies' quarterly earnings still are expected to decline 2.3 percent from a year ago, but the forecast does mark a slight improvement from estimates last week, according to Thomson Reuters data. The Dow Jones industrial average jumped 127.55 points, or 0.95 percent, to 13,551.78 at the close. The Standard & Poor's 500 Index advanced 14.79 points, or 1.03 percent, to finish at 1,454.92. The Nasdaq Composite Index rose 36.99 points, or 1.21 percent, to close at 3,101.17. The S&P 500 has gained 1.8 percent in the last two days, rebounding from last week's slide of 2.2 percent. That was the benchmark index's worst week in four months.

Economic data showed the overall U.S. Consumer Price Index rose 0.6 percent in September as the cost of gasoline surged, posing a threat to consumers' spending power. On the other hand, inflation pressures looked unlikely to derail the Federal Reserve's ultra-easy policy path. Excluding volatile food and energy prices, core CPI was up 0.1 percent - less than the forecast for a gain of 0.2 percent.

Malaysia’s index futures spot month contract opened higher this morning tracking gains on Wall Street Tuesday following better-than-forecast earnings and upbeat housing sector data. Today’s  Support and Resistance  is located around 1,645 and 1,665 respectively.