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US stocks open higher after solid earnings from Yahoo, PNC; Encouraging news on China economy

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Stock indexes are opening higher after more U.S. companies reported solid earnings and some encouraging news about China's economy.

Yahoo soared 8 percent after the company said it was benefiting from its lucrative investments in Asia and that its advertising sales were recovering.

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)

PNC Financial rose 1 percent after reporting earnings that were better than analysts were expecting.

The Standard & Poor's 500 index rose seven points, or 0.4 percent, to 1,850 in the first few minutes of trading Wednesday.

The Dow Jones industrial average gained 83 points, or 0.5 percent, to 16,346 and the Nasdaq rose 14 points, or 0.4 percent, to 4,047.

Markets rose in Asia and Europe after China reported that its economy slowed less than many had feared in the first quarter.

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