MARKET SNAPSHOT: U.S. Stocks Rise On Upbeat Data; Tech Earnings

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks rose in early trading Wednesday boosted by upbeat report on industrial production and estimate-beating earnings from Yahoo! Inc. (YHOO)

Investors will focus on remarks by Federal Reserve Chairwoman Janet Yellen due at noon Eastern and earnings reports from Google, Inc. (GOOGL) and IBM Corp. (IBM) due after the closing bell.

The S&P 500 (SPX) rose 10 points, or 0.5%, to 1,852.69. The Dow Jones Industrial Average (DJI) jumped 106 points, or 0.6%, to 16,366.28.

The Nasdaq Composite (RIXF) added 31 points, or 0.8%, to 4,065.22.

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The gains built on advances seen Tuesday, when the benchmarks ended in positive territory after a choppy trading day.

In economic news, data released by the Federal Reserve on Wednesday show industrial production grew more than forecast in March, thanks to mining and utilities output.

Data on housing was not as upbeat, however. U.S. Commerce Department's a report on housing starts in March came in below expectations even though construction on new U.S. homes in March hit the fastest pace in three months.

The Fed will also release its Beige Book survey of current economic conditions at 2 p.m. Eastern Time.

In earnings news, Yahoo Inc. (YHOO) jumped 6.9%, after quarterly earnings released late Tuesday beat estimates. The Internet company's first-quarter adjusted earnings were 38 cents a share.

Bank of America Corp. (BAC) reported a first-quarter loss of 5 cents a share, sending the shares 2.8% lower. The bank recorded $6 billion in litigation expenses during the period. Read also: Live Blog: Bank of America Q1 earnings call.

U.S. Bancorp (USB) shares fell 1.2% after the bank reported a decline in first-quarter earnings due to weaker mortgage banking revenue.

St. Jude Medical Inc. (STJ) shares dropped 3.8% after the company said it earned an adjusted 96 cents a share in the first quarter, almost in line with FactSet estimates of 95 cents.

Intel Corp. (INTC) shares added 0.8% after the chip maker late Tuesday said it earned 38 cents a share, compared with 40 cents a share a year ago.

After the closing bell, Google Inc. (GOOGL) is expected to report earnings of $6.35 a share in the first quarter. Analysts at Cantor Fitzgerald on Monday reiterated the stock's buy rating and price target of $650.

IBM Corp. (IBM) is forecast to post earnings of $2.54 a share in the first quarter.

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