US stocks move higher; Time Warner soars

 
 
FILE - This March 4, 2013 file photo shows a sign for Wall Street on the side of building near the New York Stock Exchange, in New York. European stocks advanced Wednesday July 16, 2014 after China's economic growth picked up slightly in the second quarter but Asian markets were lukewarm about the data that largely fitted expectations.
FILE - This March 4, 2013 file photo shows a sign for Wall Street on the side of building near the New York Stock Exchange, in New York. European stocks advanced Wednesday July 16, 2014 after China's economic growth picked up slightly in the second quarter but Asian markets were lukewarm about the data that largely fitted expectations.
Mark Lennihan, File / AP Photo

The Associated Press

Stocks are moving higher following strong earnings results from big U.S. companies.

Time Warner soared 16 percent on news that Rupert Murdoch's Twenty-First Century Fox had made a bid for the media giant.

Intel jumped 7 percent after reporting a surge in earnings as companies spent more on replacing PCs.

Investors are keeping an eye on Federal Reserve Chair Janet Yellen, who is testifying to Congress for a second day.

The Dow Jones industrial average rose 36 points, or 0.3 percent, to 17,106 in midday trading Wednesday.

The Standard & Poor's 500 index rose three points, or 0.2 percent, to 1,976. The Nasdaq rose four points, or 0.1 percent, to 4,420.

Bond prices were little changed. The yield on the 10-year Treasury note was flat at 2.55 percent.

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