New York ? Wall Street moved higher on another spate of encouraging earnings Tuesday but gave up some of its gains after the Federal Reserve issued a cautionary statement about the economy.

The Dow Jones industrials rose as much as 109 points but fell back after the Fed said the economy still faced risks of weakening economic activity.

With the better-than-expected earnings season winding down, investors are starting to look for more solid evidence the economy is improving before committing further to stocks. Until then, trading is likely to be choppy, analysts say.

Marvel Enterprises advanced $1.52, or 8.3 percent, to $19.82 after the comic book publisher posted quarterly earnings that beat Wall Street’s estimates; it also raised its 2003 outlook.

EchoStar Communications gained $1.54 to $32.17 after the satellite broadcaster reported first-quarter income that beat Wall Street’s expectations.

Cisco Systems, a leading maker of networking equipment, rose 51 cents to $15.90 ahead of its quarterly earnings report. After the market closed, Cisco reported operating profit that beat analysts’ estimates by a penny but said revenue declined, citing sluggish sales. The company gave back some of its market gains in extended-hours trading, dropping 31 cents.

Decliners included Gillette, which fell $1.01 to $30.97, after the company reported quarterly income that came in a penny higher than estimates.