U.S. stocks are rising Wednesday on second-quarter earnings reports and deal news. Investors are also keeping an eye on Federal Reserve Chair Janet Yellen, who is testifying to Congress for a second day.
KEEPING SCORE: The Dow Jones industrial average rose 46 points, or 0.3 percent, to 17,107 as of 10:07 a.m. Eastern time. The Standard & Poor's 500 rose seven points, or 0.4 percent, to 1,980. The Nasdaq composite added 24 points, or 0.6 percent, to 4,440.
MURDOCH BID: Time Warner soared 17 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.
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 $1.53, or 1.6 percent, to $96.85. IBM added $2.53, or 1 percent, to $191.02.
INTEL SURGE: Intel rose $1.94, or 6 percent, to $33.65. 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.
BANK WOES: Bank of America fell 35 cents, or 2 percent, to $15.46 after reporting second quarter earnings that were hit by higher litigation expenses. The Charlotte, N.C.-based bank earned 19 cents per share compared with 32 cents a year ago.
EUROPE AND ASIA: European stocks are rising 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 added 1.1 percent and the CAC-40 in France rose 1.4 percent. Germany's DAX rose 1.3 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: Bond prices barely budged. The yield on the 10-year Treasury note was unchanged at 2.55 percent. Benchmark U.S. crude for August delivery rose 71 cents at $100.67 a barrel in electronic trading on the New York Mercantile Exchange.
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