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US stocks move higher; Time Warner soars

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(AP Photo/Mark Lennihan, File). 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. (AP Photo/Mark Lennihan, File). 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.
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NEW YORK (AP) - Stocks are opening higher following strong earnings results from big U.S. companies.

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.

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

Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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