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US stocks rise in early trading on earnings news

By ALEX VEIGA

AP Business Writer Major stock indexes moved higher in morning trading Wednesday, rebounding after finishing mostly lower a day earlier. A string of second-quarter corporate earnings and deal news helped lift the market. Investors also had an eye on Washington, where Federal Reserve Chair Janet Yellen was testifying before Congress for a second day.

KEEPING SCORE: The Dow Jones industrial average rose 39 points, or 0.2 percent, to 17,100 as of 11:23 a.m. Eastern time. The Standard & Poor's 500 rose five points, or 0.3 percent, to 1,978. The Nasdaq composite added 15 points, or 0.4 percent, to 4,431.

THE QUOTE: "We've seen some pretty good earnings reports across different sectors," said Dave Roda, regional chief investment officer for Wells Fargo Private Bank in the Southeast. "We're seeing a lot of (corporate deals), we're seeing a lot of share buyback announcements, things that really do help prop up markets."

MURDOCH BID: Time Warner soared 16.3 percent after Rupert Murdoch's Twenty-First Century Fox disclosed it made a bid for the media giant last month. Fox said Time Warner rejected its offer. The New York Times is reporting that that bid totaled $80 billion, or $85 in stock and cash for each Time Warner share. Time Warner added $11.76 to $82.77, while Twenty-First Century Fox fell $1.49, or 4.3 percent, to $33.70.

APPLE DEAL: Apple and IBM rose after the former rivals announced late Tuesday that they will work on mobile applications together in a bid to sell more iPhones and iPads to corporate customers. Apple rose 87 cents, or 0.9 percent, to $96.22. IBM added $3.40, or 1.8 percent, to $191.90.

INTEL SURGE: Intel rose $1.99, or 6.2 percent, to $33.69. The chipmaker reported late Tuesday that earnings jumped 40 percent in the latest quarter, beating expectations, as companies picked up the pace of office PC replacement.

BUILDING CONFIDENCE: The National Association of Home Builders/Wells Fargo builder sentiment index released Wednesday rose this month to the highest level since January. Builders said they were more optimistic about selling homes in the second half of the year. Homebuilders' growing confidence in the housing market comes as U.S. sales of new homes have picked up in recent months. The report sent shares of homebuilders mostly higher, led by M/I Homes. The stock rose 81 cents, or 3.5 percent, to 23.72.

BANK WOES: Bank of America fell 34 cents, or 2.2 percent, to $15.47 after reporting second quarter earnings that were hit by higher litigation expenses. The Charlotte, North Carolina-based bank earned 19 cents per share compared with 32 cents a year ago.

SECTOR WATCH: Seven of the 10 sectors in the S&P 500 rose, led by energy. Health care lagged the most.

EUROPE AND ASIA: European stocks are mixed after China reported economic growth picked up slightly in the second quarter. The world's second-largest economy grew 7.5 percent over a year earlier.

Britain's FTSE 100 slipped 0.5 percent and the CAC-40 in France rose 1.3 percent. Germany's DAX rose 1.2 percent.

Asia markets were mixed. Japan's Nikkei 225 fell 0.1 percent. Hong Kong's Hang Seng added 0.3 percent and China's Shanghai Composite fell 0.1 percent.

BONDS AND OIL: The yield on the 10-year Treasury note was slipped to 2.54 percent from 2.55 percent late Tuesday. Benchmark U.S. crude for August delivery rose 97 cents at $100.93 a barrel in electronic trading on the New York Mercantile Exchange.

___

AP Business Writer Bernard Condon contributed to this story.

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

 

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