Yahoo, China news send US stocks higher at midday
Stocks are moving higher for a third day in a row after more U.S. companies report solid earnings and on encouraging news about China’s economy.
Yahoo rose 6 percent after the Internet pioneer said it was benefiting from its lucrative investments in Asia.
The Standard & Poor’s 500 index rose 11 points, or 0.6 percent, to 1,854 as of noon Eastern time Wednesday.
The Dow Jones industrial average rose 107 points, or 0.7 percent, to 16,369 and the Nasdaq rose 24 points, or 0.7 percent, to 4,060.
Markets rose in Asia and Europe after China reported that its economy slowed less than many had feared in the first quarter.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.64 percent.