NEW YORK (AP) — The stock market is rising in early trading as Disney and other big companies post stronger earnings. Investors are also waiting to hear from Federal Reserve Chair Janet Yellen later Wednesday morning.
KEEPING SCORE: The Standard & Poor's 500 index rose six points to 1,874 a half hour after the opening bell. The Dow Jones industrial average rose 71 points to 16,474, while the Nasdaq composite index fell four points to 4,076.
YELLEN: Yellen is scheduled to address the Joint Economic Committee of Congress. Investors will be watching for any hints that the Fed could tweak its plan to scale back its support for the economy. Yellen goes before the Senate Budget Committee on Thursday.
PERCOLATING BUSINESS: Mondelez surged following news that it will combine its coffee business with D.E. Master Blenders to form a new company, Jacobs Douwe Egberts. The new company will sell Gevalia, Tassimo and Jacobs, among other coffee brands. Mondelez rose $2.78, or 8 percent, to $37.95.
IT'S ELECTRIC: Electronic Arts jumped $4.71, or 17 percent, to $32.73 after the video-game maker turned in stronger results late Tuesday. The maker of "The Sims" and "Madden NFL" reported higher profits and revenue than Wall Street expected and forecast stronger earnings over the next year. Electronic Arts has soared 43 percent so far this year.
FRESH SQUEEZE: Whole Foods plunged $9.25, or 19 percent, to $38.76 after the company cut its profit outlook late Tuesday. The company said it's facing increased competition as supermarkets, big-box stores and even online retailers step up their offerings of organic foods. It's the third time the grocery chain has trimmed its profit forecast in the last six months.
EUROPE: In Europe, Germany's DAX climbed 0.7 percent while the CAC-40 in France rose 0.5 percent. In the U.K., the FTSE 100 is down 0.1 percent.
OTHER MARKETS: The yield on the 10-year Treasury note edged up to 2.61 percent from 2.59 percent late Tuesday. Crude oil rose 83 cents to $100.35 a barrel.
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