US stocks move higher on earnings reports; Time Warner soars on Murdoch bid

Markets Associated Press

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

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Time Warner soared 15 percent on news that Rupert Murdoch's Twenty-First Century Fox had made a bid for the media giant.

Intel jumped 5 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 65 points, or 0.4 percent, to 17,125 in the first few minutes of trading Wednesday.

The Standard & Poor's 500 index rose nine points, or 0.5 percent, to 1,982. The Nasdaq rose 29 points, or 0.7 percent, to 4,445.

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Bond prices fell. The yield on the 10-year Treasury note rose to 2.56 percent.