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US stocks move higher after solid earnings from Yahoo; Encouraging news on China economy

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Stocks are higher for a third day in a row after more U.S. companies report solid earnings and on encouraging news about China's economy.

The Standard & Poor's 500 index rose 19 points, or 1 percent, to close at 1,862 Wednesday.

The Dow Jones industrial average rose 162 points, or 1 percent, to 16,424. The Nasdaq rose 52 points, or 1.3 percent, to 4,086.

PHOTO: FILE- In this Friday, June 29, 2012, file photo Specialists Frank Masello, left, and John T. O'Hara work on the trading floor of the New York Stock Exchange in New York shortly before the closing bell. World stock markets rose Wednesday April 16, 2014 as China's slowdown in the first quarter was less severe than expected.    (AP Photo/David Karp, File)
FILE- In this Friday, June 29, 2012, file photo Specialists Frank Masello, left, and John T. O'Hara work on the trading floor of the New York Stock Exchange in New York shortly before the closing bell. World stock markets rose Wednesday April 16, 2014 as China's slowdown in the first quarter was less severe than expected. (AP Photo/David Karp, File)

Yahoo rose 6 percent. The Internet pioneer said it was benefiting from its lucrative investments in Asia.

Airline stocks also rose sharply. Delta gained 5 percent, jetBlue rose 6 percent and American Airlines rose 5 percent.

Bank of America fell 2 percent after booking $6 billion in legal costs over its home loan practices.

The yield on the 10-year Treasury note rose to 2.64 percent.

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