Stocks move higher as US earnings get underway
NEW YORK (AP) — Stocks are rising as corporate earnings begin on a positive note.
Alcoa led a rally in companies that make basic materials after the aluminum maker reported earnings that were better than investors were expecting. Alcoa rose 4 percent.
Technology stocks, which fell sharply over the past week, also rose. Facebook gained 5 percent.
The Standard & Poor's 500 index rose six points, or 0.3 percent, to 1,858 as of noon Eastern time Wednesday.
The Dow Jones industrial average rose 59 points, or 0.4 percent, to 16,315. The Nasdaq composite rose 28 points, or 0.7 percent, to 4,141.
Bond prices fell. The yield on the 10-year Treasury note rose to 2.71 percent.
