NEW YORK — Good news on corporate earnings nudged U.S. stocks higher on Wednesday, a day after the Standard and Poor's 500 index had its biggest gain of the year. Investors were also encouraged by a government report showing U.S. inflation is low and by hopes for new stimulus measures from the European Central Bank.
KEEPING SCORE: The Dow Jones industrial average rose 13 points, or 0.1 percent, to 16,627 as of 12:11 p.m. Eastern time. The S&P 500 climbed six points, or 0.3 percent, to 1,946 and the Nasdaq composite rose eight points, or 0.2 percent, to 4,427.
YAHOO SURGE: Yahoo jumped $2.39, or 6 percent, to $42.57 after reporting encouraging third-quarter results late Tuesday. Yahoo got a windfall from the recent IPO of Alibaba, the giant Chinese online retailer that Yahoo owns a stake in. Revenue rose slightly from the previous year, a welcome change for a company that has been posting quarterly declines for most of the past five years.
BROADCOM JUMPS: The semiconductor company jumped 7 percent, the largest gain in the S&P 500, after reporting earnings late Tuesday that topped Wall Street estimates. The stock rose $2.65 to $39.98. ETrade and Interpublic Group also rose after reporting better-than-expected results.
DRUG TROUBLES: Shares of Biogen Idec plummeted 8 percent despite a strong quarter after the drug company said a patient who took its newest multiple sclerosis drug suffered a brain inflammation and later died. The stock dropped $26.92 to $299.85
LOW INFLATION: The government reported that consumer prices rose 1.7 percent in the year to September, below the 2 percent target set by the Federal Reserve. Low inflation has allowed the central bank to keep rates at record lows to help the economy by encouraging lending and hiring.
EUROPE STIMULUS: As the eurozone teeters on the brink of recession again, speculation is growing that the European Central Bank will step up its purchases of bonds, which puts downward pressure on interest rates. Analysts say the ECB is believed to be buying Italian bonds and might be planning to expand that program to other nations.
"Considering the weakness in Europe, the prospect of an increase (in bond purchases) is real," said IG strategist Evan Lucas.
EUROPEAN STOCKS: Germany's DAX and France's CAC 40 both gained 0.6 percent. Britain's FTSE 100 rose 0.4 percent.
BIG DAY IN ASIA: Asian stock indexes rose sharply. Japan's Nikkei 225 soared 2.6 percent. Hong Kong's Hang Seng added 1.4 percent. Australia's S&P/ASX 200 climbed 1.1 percent.
ENERGY AND BONDS: Benchmark U.S. crude contract slipped 15 cents to $82.34 a barrel in New York. The yield on the 10-year Treasury note rose to 2.24 percent from 2.22 percent.
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