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Better US economic growth, earnings drive stocks

July 31, 2013

NEW YORK (AP) — Steady growth in the U.S. economy and higher company earnings are pushing the stock market higher in early trading.

The Dow Jones industrial average was up 45 points, or 0.3 percent, to 15,566 after the first few minutes of trading.

The Standard & Poor’s 500 index was up four points, also 0.3 percent, to 1,690. The Nasdaq composite rose 16 points, or 0.5 percent, to 3,633.

Bond yields rose after the government reported that the U.S. economy grew at an annual rate of 1.7 percent in the second quarter, more than economists were expecting.

The yield on the 10-year Treasury note rose to 2.69 percent from 2.61 percent.

MasterCard rose 3 percent to $620.73 after reporting a 19 percent increase in second-quarter profit as more people worldwide used its cards.

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